No progress in US-China impasse; Deflation easing; Tax collectors adding manpower; Fourth Plenum

I am hosting a Sinocism Live tomorrow, Thursday October 16, at 10 AM ET with Amb. Mike Froman, president of the Council on Foreign Relations, to discuss the US-China trade war. You can watch the event here. If you have questions you would like us to consider please post them in this chat.

Summary of today’s top items:

1. No progress in US-China impasse - US Treasury Secretary Bessent and USTR head Greer gave a press conference today. Bessent again criticized PRC negotiator Li Chenggang, saying he showed up in DC uninvited, was “very disrespectful”, is an “agent of chaos” and perhaps he “thinks he is a wolf warrior”. I guess the US side thinks that by singling out a lower level official they are giving Xi space to walk back the expanded rare earths export-control regime because Xi can blame Li Chenggang? That is just dumb if that is what they are doing, as it implies Xi was not in control of the process. More likely, Li Chenggang gets a medal, or at least a T-shirt saying “Not bad for a…