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US-China trade deal & impacts on global economy

21 0 0
17.12.2019

Opinion |

The agreement on the terms of the first phase of a trade deal between the US and China broadly envisages that Washington would reduce some tariffs on Chinese goods while Beijing would boost purchases of American farm, energy and manufactured goods and address some US complaints about intellectual property practices.

The Chinese netizens have voiced discontent that Beijing conceded far too much, while official Beijing narrative is that this is an agreement based on ‘the principle of equality and mutual respect’; that it is ‘generally in line with the main direction of China’s deepening reform and opening up as well as the internal needs for advancing the high-quality economic development’; and will help the two countries enhance economic and trade cooperation, effectively manage, control and resolve differences, and promote the steady development of bilateral economic and trade relations’.

The Chinese state councilor and foreign minister Wang Yi has since been quoted as saying that the trade agreement ‘serves as bullish news for both countries and the rest of the world’.

Trump has begun a campaign to exclude China from western knowhow. And China has begun reacting

Trump has begun a campaign to exclude China from western knowhow. And China has begun reacting

On the American side, the matter is getting entangled with domestic politics with President Trump’s detractors determined to deny him any success story, while he trumpets that Washington extracted China’s agreement to lift a whopping $50 billion worth of American farm products.

No doubt, as the South China Morning Post commented editorially, ‘With a bid for re-election less than a year away, Trump needed to show something for all his tough talk on trade. China needed some relief from punishing tariffs on its exports that are not making it any easier to sustain targeted economic growth.’

For a start, the details of the deal as released by Washington and Beijing. One, the US has rolled back the plan to impose further........

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