U.S. President Donald Trump turned up the heat on China this week and on Friday increased tariffs on $200 billion of Chinese goods.
The latest escalation in a tariff fight between the U.S. and China has made it"very difficult" for the two economic giants to reach a trade deal that'll let President Donald Trump claim victory, experts said.
"For the U.S. to win, for Trump to declare victory, he has to show that there's a substantial change to what does when it comes to intellectual property, when it comes to cyber theft, when it comes to forced technology transfers," Okun told CNBC's "Street Signs" just minutes before the latest tariff hike.
The U.S. and China had been negotiating for a trade deal over the last few months. Investors and analysts were hopeful that both sides would resolve their conflict by reaching some kind of deal. Even the White House was boosting hopes just a week ago that there might be an announcement for an agreement this week.
The best case scenario is for both sides to continue talking, analysts said, but the escalation in trade conflict this week has also increased the probability that the U.S. and China may never reach a deal.
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