US and China sign a trade truce, after nearly two years of conflict between the world's two dominant economic powers
Chinese Vice Premier Liu He and US President Donald Trump sign a trade agreement between the US and China in the East Room of the White House in Washington, DC, January 15, 2020.
But tariffs on hundreds of billions of dollars in imports remain in place, leaving American consumers and businesses to foot the bill. The easing of US-China trade frictions has boosted stock markets worldwide in recent weeks, as it takes the threat of new tariffs off the table for now. However, the most difficult issues remain to be dealt with in "phase two" negotiations, including massive subsidies for the state industry.Prior to the signing, Mnuchin said the deal puts pressure on Beijing to stay at the negotiating table and make further commitments — including on cyber-security and access for US services firms to the Chinese markets — in order to win relief from the tariffs that remain in place.
"The US-China phase-one deal is essentially a trade truce, with large state-directed purchases attached," economist Mary Lovely said in an analysis. Trump has repeatedly touted the trade pact as a boon for American farmers, who were hit hard by the tariff war.
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