Over the past couple of months, China and the U.S have been involved in an ongoing trade war between the two countries, Politics and Culture between these two countries have made negotiating even more difficult. "As far as substantial trade breakthroughs, on thorny issues like intellectual property and opening up the Chinese financial system to US banks - I don't think that will happen, in what's left of Trump's first term or in a second term if he wins one.,” “Without an election to win in 2024, I doubt that the president would even care to make it a priority of his administration.”
This may never happen as it requires the intellectual property to be a public good and therefore tradable and exchangeable in banking systems. Opening banks in the U.S would solve this issue of trade but would put China at risk of a banking crisis similar to What their East Asian neighbor Japan experienced in the 1990s. Overall discussion may lead to a final conclusion if both markets have serious problems making the this possible in times of desperate impossibility of balancing the markets and recovering massive crashes in stocks and increases in trade deficits, only then in times of desperation will they settle on a deal to end the trade war.
https://www.forbes.com/sites/panosmourdoukoutas/2019/11/03/us-china-trade-war-will-never-end/#448c63ee6f58
We keep hearing that a deal may be on the horizon, but if there is one I am doubtful about how substantial the deal really would be. To me it seems like the most important aspects that could come from a deal like the protection of IP and opening up of the financial system would all be considered national security threats by China and never agreed to unless absolutely necessary.
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