"President Trump signed the “Phase One” trade agreement with China today at the White House.
The agreement is far-ranging; you can read its entire text here.
Among other things, it includes “commitments from Beijing to purchase $200 billion of U.S. products over the next two years, halt intellectual property theft and refrain from currency manipulation.” In return, the U.S. has reduced or eliminated some tariffs on Chinese-manufactured goods, but other duties on $375 billion in Chinese goods will remain in place for now, as an incentive for China to proceed with Phase Two.
Reaction was predictably partisan.
On CNBC, Steve Bannon said that President Trump “broke the Chinese Communist Party,” and the U.S. “gave up very little in the end.” On the same program, hedge fund manager Kyle Bass said that he sees the agreement as a “‘temporary truce’ in which the U.S. got the better of China.”
At the New York Times, on the other hand, there was wailing and gnashing of teeth:
President Trump signed an initial trade deal with China on Wednesday, bringing the first chapter of a protracted and economically damaging fight with one of the world’s largest economies to a close.
Has the trade conflict with China damaged the U.S. economy?...
Read all.
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