US-China trade talks will ‘go on for some time,’ Nobel Prize winner says
“’The fundamental reason is that if you go back 10 or 15 years, everybody thought that some kind of conversion was going to occur in terms of governance and economic systems and it would be easier to work these things out,’ [Michael Spence] said. ‘(But) it’s pretty clear that’s not going to happen, so what we have is a much more complicated challenge, working out mutually-beneficial arrangements between very different systems,’ he added.”
USAGOLD note: Spence has a point. Both sides seem to be well entrenched in their positions with more than just trade at work in the negotiations.