Washington and Beijing earlier this month announced a “Phase One” trade deal, de-escalating their nearly two-year trade war as Trump reduced or cancelled some tariffs while Beijing promised to adopt trade reforms and buy more US farm exports. “I will be signing our very large and comprehensive Phase One Trade Deal with China on January 15,” Trump tweeted. Trump has repeatedly claimed the trade war’s burden fell squarely on China, while sparing the American economy. Still, some economists and trade experts say Phase One was largely a victory for Beijing. Peter Navarro, White House director of trade and manufacturing policy, told CNBC onTuesday that the Phase One agreement was only one plank in the Trump trade agenda, which encompasses other newly negotiated agreements in North America and Asia.

Source: Manila Times January 01, 2020 16:30 UTC