WASHINGTON, D.C.: The world’s two dominant economic powers, the United States and China, were set to sign a trade truce on Wednesday that would allow businesses around the globe to breathe a sigh of relief. “The US-China phase-one deal is essentially a trade truce, with large state-directed purchases attached,” economist Mary Lovely said in an analysis. Mnuchin dismissed a Bloomberg report that the initial agreement could include provisions to roll back more tariffs on China after the election. Trump has repeatedly touted the trade pact as a boon for American farmers, saying China will buy $40 to $50 billion in agricultural goods. Trump in August formally accused China of manipulating its currency to gain an advantage in trade and offset the impact of the tariffs.

Source: Manila Times January 16, 2020 00:17 UTC