After two days of high-level trade talks, Trump agreed to a mini-deal with China that includes more Chinese farm purchases in exchange for tariff relief.
After a resumption of high-level trade talks in Washington, President Trump announced Friday that the Chinese would buy more U.S. farm goods and take some other steps in what he called a “Phase 1” deal between the two largest economies in the world.
Friday’s agreement could open the way for a bigger substantial deal, but it also could turn out to be another short-lived truce in Trump’s unpredictable trade war with China, punctuated by tit-for-tat tariffs.Stock markets rallied in anticipation of an agreement, with the Dow rising more than 300 points.
China’s pledge to buy more U.S. soybeans and other agricultural goods — which Trump has repeatedly called for — is something they offered to do earlier this year.“Agreeing to import more ag products is no big concession for the Chinese,” said Loevinger, who’s now an analyst for TCW Emerging Markets Group in Los Angeles. “They have to eat, and they’re running out of pigs,” he added, referring to a staple of the Chinese diet lately threatened by an outbreak of disease.
Derek Scissors, a China expert at the American Enterprise Institute, said that as much as Trump likes tariffs, the president had good reason to back away from imposing the new upcoming taxes on China. Ahead of the talks this week, the Trump administration cited human rights violations in restricting visas for some Chinese officials, and it put more Chinese entities — in addition to the telecom giant Huawei — on a U.S. blacklist that would prevent prominent tech firms from buying crucial American components.
Trump previously has said that Huawei could be a part of the trade negotiations, and news reports in recent days have indicated that Trump was prepared to approve some licenses that would allow for nonsensitive U.S. components to be exported to Huawei.
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