Breaking: The U.S. and China officially sign a trade deal after nearly two years of a bruising trade war. The deal gives President Trump some immediate benefits and allows both sides to put off the most difficult issues.
That would potentially lead to a more isolated and embattled Beijing, with reduced access to Western markets that now support a Chinese economy still dependent on trade and foreign technology.
The two sides also are expected to restart the kind of broad economic dialogue that was begun by President George W. Bush in 2006. The practical outflow of Xi’s adoption of Maoist ideology is China’s doubling down on state-owned enterprises and the party’s top-down intervention in the economy to build global influence and leadership in critical sectors such as robotics, aerospace and artificial intelligence.
“My take on Phase 1 is that it largely restores the status quo,” said Scott Paul, president of the Alliance for American Manufacturing, a labor-industry proponent for fair trade. “I’m not optimistic that we’ll get a Phase 2 deal that’s going to dramatically alter the landscape.
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