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link : Chinese Feel ‘Ripped Off’ By Phase One Deal With U.S.
Chinese Feel ‘Ripped Off’ By Phase One Deal With U.S.
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James Palmer, Foreign Policy: Why China Isn’t Celebrating the Phase One Trade Deal
A preliminary agreement with the United States means no new tariffs, but the future of the economic relationship remains uncertain.
A Christmas Truce in the Trade War
After much anticipation, the “phase one” U.S.-China trade deal was announced on Friday, but an immediate stock market bump didn’t accompany it. Markets were at first lukewarm on the deal, though U.S. stocks have closed at record highs this week. For now, the partial agreement avoided $160 billion worth of tariffs that were set to take effect Sunday and significantly reduces others in exchange for Beijing’s commitment to buy more U.S. agricultural products.
The phase one deal is more of a big purchase agreement than a real trade deal, FP’s Keith Johnson explains. “In other words, the likeliest outcome after two years of expensive tariffs, bankrupt farmers, and nervous markets is that the United States might just be able to get back to where it was in the last year of the Obama administration,” he writes.
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WNU Editor: I know from my friends in China that no one is happy with this deal.
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