Us Trade Agreement News

“Today, we are taking an important step that has never been taken with China towards a future of fair and reciprocal trade with China,” Trump said at a White House ceremony. “Together, we are correcting the injustice of the past.” After more than two years of rising tensions, the United States and China have signed an agreement that is supposed to ease trade conflicts. The deal has been bitterly contested, but it`s unclear how much economic relief it will bring from their trade war. President Trump seems to perceive trade as a zero-sum game. For him, a negative bilateral trade balance means that the trading partner concerned does not respect the rules. China has been at the top of its agenda for the past four years; Trump has also been highly critical of the trade policies of close partners such as the European Union (EU) and Japan. To achieve his goals, President Trump has focused on bilateral and quid pro-quo solutions, not multilateral cooperation. He was more interested in “agreements” than enforceable international trade law and was very transactional. Its motto was “America First”. Global equities hit record highs and bond yields rose to optimism in trade. However, the BBC understands that the USTR communicated directly to the Secretary of Commerce, during a phone call, that the US would not treat this as a concession, as the UK has “no power” outside the EU to continue to retaliate against the US.

President Trump wanted to bring jobs back to the United States. But its trade policy has also hurt its own economy.