Phase one agreement is only a ‘baby step’ towards resolving wider trade war related issues and disputes
A US-China “first phase” trade deal has been hailed as a significant breakthrough and welcomed by global financial markets, but questions remain over the deal’s enforcement and whether subsequent phases on more substantial issues can be agreed in the foreseeable future.
US President Donald Trump hailed the hard-fought agreement, which will gradually rollback American tariffs on certain Chinese imports just days before a new raft of now-suspended 15% levies were set to come into effect on about $160 billion worth of Chinese goods, as “an amazing deal for all.”
Chinese Foreign Minister Wang Yi echoed Trump’s assessment, saying on Saturday that the deal is “good news for all” and will “provide stability in global trade.”
But weighed against the high economic costs already wrought by the trade war, witnessed in slowing global economic growth, critics have already panned the agreement for delivering little structural change to Chinese economic and trade practices Trump has persistently deemed as unfair.
Nile Bowie is a journalist and correspondent with the Asia Times covering current affairs in Singapore and Malaysia. He can be reached at nilebowie@gmail.com.
A US-China “first phase” trade deal has been hailed as a significant breakthrough and welcomed by global financial markets, but questions remain over the deal’s enforcement and whether subsequent phases on more substantial issues can be agreed in the foreseeable future.
US President Donald Trump hailed the hard-fought agreement, which will gradually rollback American tariffs on certain Chinese imports just days before a new raft of now-suspended 15% levies were set to come into effect on about $160 billion worth of Chinese goods, as “an amazing deal for all.”
Chinese Foreign Minister Wang Yi echoed Trump’s assessment, saying on Saturday that the deal is “good news for all” and will “provide stability in global trade.”
But weighed against the high economic costs already wrought by the trade war, witnessed in slowing global economic growth, critics have already panned the agreement for delivering little structural change to Chinese economic and trade practices Trump has persistently deemed as unfair.
Read the full story at Asia Times.
