Trump poised to announce a limited trade deal with China, but comprehensive solution still looks far off
Facing a slowing U.S. economy, growing complaints from farmers and political pressure over impeachment, President Trump on Friday announced a partial, tentative trade agreement with China despite his long-standing insistence that he would only strike a tough, comprehensive deal with Beijing.
. “Finally, a ray of hope for the U.S.-China trade relationship,” said Myron Brilliant, head of international affairs at the U.S. Chamber of Commerce.Yet in many ways, the agreement did little more than bring negotiations back on track to where the two sides were before spring.
Trump said China had agreed to boost U.S. agricultural purchases to $40 billion to $50 billion, from an annual high of $16 billion. He said half-jokingly that American farmers are going to have to “immediately buy more land and get bigger tractors.” He noted that China’s pledge to buy more U.S. soybeans and other agricultural goods is something they offered to do earlier this year.
Scissors noted, however, that as much as Trump likes tariffs, the president has good reason to back away from imposing more taxes on Chinese goods, especially ordinary consumer products. “Whatever kind of deal it is, it’s not a solution, not an answer,” said Clyde Prestowitz, president of the Economic Strategy Institute and a former trade negotiator in the Reagan administration. “It will become increasingly difficult for China and the U.S. to live together in the way we have been living together,” he said, noting that the fundamental problem is trust and the difference in values.
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