NEW TRADE DEAL. US President Donald Trump, and China's Vice Premier Liu He , the country's top trade negotiator, shake hands as they sign trade agreements between the US and China during a ceremony in the East Room of the White House in Washington, DC on January 15, 2020. Photo by Saul Loeb/AFP
"Today, we take a momentous step, one that's never taken before with China," that will ensure"fair and reciprocal trade," Trump said at the White House signing ceremony.As Trump ambled through a lengthy commentary on the deal, punctuated by introductions of many officials involved in the negotiations, major networks switched away from the White House to the Congress to show the presentation of articles of impeachment in the Senate as the first step towards a trial.
However, the most difficult issues remain to be dealt with in"phase two" negotiations, including massive subsidies for state industry.Prior to the signing, Mnuchin said the deal puts pressure on Beijing to stay at the negotiating table and make further commitments – including on cyber-security and access for US services firms to the Chinese markets – in order to win relief from the tariffs that remain in place.
"The US-China phase-one deal is essentially a trade truce, with large state-directed purchases attached," economist Mary Lovely said in an analysis. Soybeans exports to China plunged to just $3 billion from more than $12 billion in 2017 and the Trump administration paid out $28 billion in aid to farmers in the last two years.And Lovely raised a question about the wisdom on relying so heavily on the Chinese market.
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