Landmark Trade Deal With China; New York Times Hardest Hit
Added 01-15-20 08:31:01pm EST - “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…” - Powerlineblog.com
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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.”
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? To some degree it has, although it has certainly hurt China’s economy more. This is the kind of short-term pain that Barack Obama, for example, was unwilling to accept. And yet economic growth under President Trump has been considerably better than under Obama.
The deal caps more than two years of tense negotiations and escalating threats that at times seemed destined to plunge the United States and China into a permanent economic war.
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