President Donald J. Trump signs a trade agreement with Chinese Vice Premier of the Peoples Republic of China, Liu He in the East Room at the White House on Wednesday, Jan 15, 2020 in Washington, DC. It offered for the first time the details of what will be expected in a new chapter of relations between the two largest economies.
"Interesting how an objective of the trade deal is to end state directed commerce and trade," said Joseph Brusuelas, the chief economist at RSM."Yet, the very premise of the agreement is predicated on state to state directed transactions. This almost surely sets up future rounds of tension and tariffs.
But those requirements were not a significant departure from what has long been expected by the International Monetary Fund. G20 countries including China are already barred from wielding their currencies as a weapon to compete in the international market. Trump has often lashed out about the strength of the dollar against other currencies, which makes exports relatively expensive abroad. This month, the Treasury Department reversed a decision to label China a currency manipulator. The rare move came after the yuan breached a key level, but experts questioned whether it was politically motivated.The large-scale subsidies and cheap loans awarded to businesses in China were also flagged in the Section 301 investigation.
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