Investors across the world breathed a collective sigh of relief after the United States and China signed a partial trade agreement, achieved after 18 months of negotiations.
The formal signing of the phase one deal has been widely seen as a temporary truce between the world's two largest economies, which have been engaged in a tit-for-tat tariff war since 2018, uprooting supply chains, disrupting trade flows and dampening economic growth across the world. "This, combined with likely difficulties in implementing many of these commitments, suggests that there is a high risk that the deal might fall apart later this year."
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