The "phase one" trade deal between the United States and China addresses only some of the US government’s concerns, and its remaining demands will be much harder to resolve. But while both America and China have an interest in the success of the open multilateral global trading system, current US policy is undermining that goal.
WASHINGTON, DC – After nearly 18 months of tit-for-tat tariff increases, the United States and China have reached a “phase one” agreement to start de-escalating their trade war. As part of the deal, US President Donald Trump canceled further tariff increases on Chinese goods that had been scheduled to take effect on December 15, and halved a 15% tariff on $120 billion worth of imports from China. As for China, it shelved its planned retaliatory measures and committed to import some $50 billion worth of US agricultural products in each of the next two years.
WASHINGTON, DC – After nearly 18 months of tit-for-tat tariff increases, the United States and China have reached a “phase one” agreement to start de-escalating their trade war. As part of the deal, US President Donald Trump canceled further tariff increases on Chinese goods that had been scheduled to take effect on December 15, and halved a 15% tariff on $120 billion worth of imports from China. As for China, it shelved its planned retaliatory measures and committed to import some $50 billion worth of US agricultural products in each of the next two years.