Beijing still open to talks, but will not bow to tariffs

With China retaliating in kind to the United States hiking the existing "punitive" tariffs on Chinese goods, the world was not left long in suspense wondering how Beijing would react to Washington putting the kibosh on what was evidently an impending trade deal in such a high-handed manner.

With hindsight, it is easy to see that despite the productive efforts of the two negotiating teams, such a scenario was perhaps inevitable.

The US administration has made it clear on more than one occasion that it wants to halt China's development in its tracks and therefore it is questionable whether it has any real interest in striking a trade deal that is not tilted entirely to its advantage.