Washington and Beijing earlier this month announced a “Phase One” trade deal, de-escalating their nearly two-year trade war as Mr. Trump reduced or cancelled some tariffs while Beijing promised to adopt trade reforms and buy more U.S. farm exports. “I will be signing our very large and comprehensive Phase One Trade Deal with China on January 15,” Mr. Trump tweeted. While the détente put a stop to further deterioration in the trade war, it leaves many of the barriers erected so far in place. Observers say that in that time, the trade war may have ushered in a long-term de-coupling of trade relations between the world’s two largest economies. Still, some economists and trade experts say Phase One was largely a victory for Beijing.

Source: The Hindu December 31, 2019 22:18 UTC