US-China trade deal a mixed success for Trump

WASHINGTON: President Donald Trump is set to sign a trade deal with China on Wednesday that he will trumpet as a major victory, but it comes at a steep cost after a two-year standoff between the world's two top economic powers.

At the very least, the truce has reassured markets, roiled by the constant upheaval of threats, counter-threats and waves of tariffs in 2018 and 2019.AdvertisementAs uncertainty eases, consumers would have greater reason to spend with confidence, and businesses might also move forward with investments that were put on hold because of fears about the conflict.

According to the US, it also stipulates that Beijing will buy an additional $200 billion in American products over a two-year period compared to 2017, including $50 billion in agricultural goods. "Trump has extracted some concessions from China and other US trading partners but at a significant cost to the US economy and with an erosion of the US' international standing as a trustworthy and reliable trading partner."

"There's been significant harm to American farmers and significant harm to the US manufacturing industry and the new purchase commitments by China are unlikely to undo that damage," Alden said.One of Trump's main goals for beginning the tariff war was to reduce the US trade deficit and put an end to unfair trade practices, but trade experts doubt Washington can achieve significant structural changes from Beijing.

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