Beijing's Wall Street allies lose clout as Trump ratchets up trade war

When President Bill Clinton deliberated whether he should loosen trade barriers against China, Wall Street helped plead Beijing’s case. When Presidents George W. Bush and Barack Obama talked tough about labeling China as a currency manipulator, Wall Street urged restraint — and both presidents backed down.
 
Today, China is hoping that Wall Street will once again use its political heft to soothe tempers in Washington. But as President Trump ratchets up the trade war with Beijing, Wall Street’s words are falling on deaf ears.

 
Senior Wall Street executives met in Beijing on Sunday with current and former Chinese officials and bankers at a hastily organised session to find ways to strengthen financial ties between the United States and China. On Monday, the group — which included executives from Goldman Sachs, Morgan Stanley and the Blackstone, the private equity firm, among others — planned to meet with Vice President Wang Qishan, the right hand man of Xi Jinping, the country’s leader.
 
New trade talks between the two governments are scheduled between Steven Mnuchin, the Treasury secretary, and Liu He, a Chinese vice premier, later this month in Washington.  

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