US-China ‘phase one’ agreement eases but doesn’t resolve core trade war differences
US President Donald Trump and Chinese Vice Premier Liu Hei signed a “phase one” trade agreement on January 15, sealing a deal that will begin to ease an 18-month-old trade war between the world’s two largest economies, one that has rattled supply chains, roiled financial markets and cast uncertainty over the global economy.
“With this signing, we mark more than just an agreement. We mark a sea change in international trade,” said Trump in remarks delivered at the White House. “Together, we are righting the wrongs of the past and delivering a future of economic justice and security for American workers, farmers and families.”
China’s vice premier remarked that the deal was “mutually beneficial” and demonstrated the ability of the two countries “to act on the basis of equality and mutual respect.” Liu added that he hoped “the US side will treat fairly Chinese companies and their regular trade and investment activities” in the spirit of healthier Sino-US ties.
In a rambling address peppered with references to domestic partisan politics – Democrats in the US House of Representatives voted to send impeachment charges to the Republican-controlled Senate as the phase one signing ceremony took place – Trump said negotiations for a more comprehensive “phase two” deal would begin in the near future.
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.
US President Donald Trump and Chinese Vice Premier Liu Hei signed a “phase one” trade agreement on January 15, sealing a deal that will begin to ease an 18-month-old trade war between the world’s two largest economies, one that has rattled supply chains, roiled financial markets and cast uncertainty over the global economy.
“With this signing, we mark more than just an agreement. We mark a sea change in international trade,” said Trump in remarks delivered at the White House. “Together, we are righting the wrongs of the past and delivering a future of economic justice and security for American workers, farmers and families.”
China’s vice premier remarked that the deal was “mutually beneficial” and demonstrated the ability of the two countries “to act on the basis of equality and mutual respect.” Liu added that he hoped “the US side will treat fairly Chinese companies and their regular trade and investment activities” in the spirit of healthier Sino-US ties.
In a rambling address peppered with references to domestic partisan politics – Democrats in the US House of Representatives voted to send impeachment charges to the Republican-controlled Senate as the phase one signing ceremony took place – Trump said negotiations for a more comprehensive “phase two” deal would begin in the near future.
Read the full story at Asia Times.
