Home News LANDMARK TRADE DEAL WITH CHINA; NEW YORK TIMES HARDEST HIT

LANDMARK TRADE DEAL WITH CHINA; NEW YORK TIMES HARDEST HIT

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POWERLINE
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President
Trump signed the “Phase One” trade agreement with China today at
the White House. The agreement is far-ranging; you can read its
entire text here. Among other things, it includes “commitments from
Beijing to purchase $200 billion of U.S. products over the next two
years, halt intellectual property theft and refrain from currency
manipulation.” In return, the U.S. has reduced or eliminated some
tariffs on Chinese-manufactured goods, but other duties on $375
billion in Chinese goods will remain in place for now, as an
incentive for China to proceed with Phase Two. Reaction was
predictably partisan. On CNBC, Steve Bannon said that President Trump
“broke the Chinese Communist Party,” and the U.S. “gave up very
little in the end.” On the same program, hedge fund manager Kyle
Bass said that he sees the agreement as a “‘temporary truce’ in
which the U.S. got the better of China.”

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