Trump Signs Trade Pact with China

“The U.S. and China signed a land­mark deal to sharply in­crease sales of U.S. goods and ser­vices to China and help com­pa­nies op­er­at­ing in China by bet­ter pro­tect­ing their in­tel­lec­tual prop­erty and open­ing fur­ther Chi­nese mar­kets, es­pe­cially in fi­nan­cial ser­vices,” the Wall Street Journal reports.

“The eight-part agree­ment acts as a cease-fire in a two-year trade war that has roiled mar­kets glob­ally and cut into global growth. As a con­di­tion of Bei­jing sign­ing the deal, the U.S. agreed to cut tar­iffs on $120 bil­lion in Chi­nese goods by half to 7.5% and to forgo other planned tar­iffs. A host of dif­fi­cult is­sues, which have been the heart of the trade bat­tle, in­clud­ing Chi­nese sub­si­dies to do­mes­tic com­pa­nies and the be­hav­ior of Chi­nese state-owned firms were pushed off to later rounds of talks.”

CNBC: “The Trump administration aims to start negotiating the next piece of the trade agreement before the November 2020 election.”