The phase one trade agreement between the US and China signed on Wednesday is only a truce in the trade war, rather than a major reversal of the tariffs imposed since 2018. Nevertheless, it halts a dangerous political momentum.
US President Donald Trump tweeted on 2 March 2018 that “trade wars are good, and easy to win”. That assessment has proven wide of the mark.
While there may be some long-term gains for the US from China’s concessions, the main immediate benefit is simply that the self-inflicted damage to the American economy caused by the tariffs will begin to be reversed.
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