The phase-1 trade deal between China and the US is a non-deal paving the way out of an untenable situation, says leading economist Arthur Kroeber in Money Week.
Money Week:
The latest developments amount to a “ceasefire” rather than a peace treaty, says Arthur Kroeber for Gavekal Research. Washington has agreed to cancel upcoming tariff hikes, with Beijing promising to more than double its purchases of US agricultural products in return. “Faced with mounting evidence of the impact his trade war has had on US manufacturing, agricultural incomes and business confidence,” Trump is worried that his re-election campaign could be in trouble. The White House seems to be trying to paint a climbdown as a victory.
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