The Phase One agreement marks a cease-fire in the long-running trade war.
President Donald Trump and Chinese Vice Premier Liu He signed the long-awaited Phase One trade deal in an elaborate ceremony at the White House on Wednesday, marking a cease-fire in the 19-month-long U.S.-China trade war and boosting the stock market to new record highs.
Trump touted the deal to reporters in his opening comments, calling it “historic,” a “landmark agreement” and a “momentous step” toward fair and reciprocal trade. The stock market soared on the news, with all three major indexes rising to new record highs: The S&P 500 was up 0.20%, the Dow by 0.37% and the Nasdaq by 0.23%.
The deal includes agreements on intellectual property protection, forced technology transfer and currency rules, along with a major pledge from China to buy at least $200 billion of U.S. exports over two years, including a $16 billion-a-year increase in Chinese purchases of U.S. agriculture products.
While Trump lauded the deal, market experts have expressed some skepticism: There are some decent-size numbers in terms of agricultural purchases—and that’s one sector that should benefit from this—but overall we’ll see more of a return to pre-trade-war levels of Chinese purchases rather than significant new markets,” Charlie Bobrinskoy, head of Ariel Investments, toldA significant portion of tariffs—25% on some $250 billion worth of Chinese imports—will also remain in effect, at least until a...
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