US, China sign 'momentous' trade deal

The ‘phase one’ deal is also a boon for Donald Trump as he faces an impeachment trial and a tough re-election fight this year, with the president hailing the agreement as “momentous.”

The easing of trade frictions has boosted stock markets worldwide in recent weeks, as it takes the threat of new tariffs off the table for now. On Wall Street, the Dow and S&P 500 ended at new record highs after the signing, while most Asian markets were up in early trade. At a later news briefing with Chinese media in Washington, Liu said the pact “considerably addressed the concerns of both sides,” according to the official Xinhua news agency.Chinese state-run newspapers hailed the signing of the “hard-fought agreement“, but warned that it would “not take much to banjax the deal” and bring tensions to a head again.

“A huge amount of this is a reset,” said Chad Bown, a trade expert with the Peterson Institute for International Economics.The absence of any provision on China’s industrial subsidies leaves “a big, giant, gaping hole that has not been addressed,” Bown told reporters.

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