Fox news: US, China want Phase 1 deal on paper by end of next week (and get back to where we were).
Well....that would be good news
Fox is reporting that US, China 1 Phase 1 of the trade deal on paper by the end of next week. I assume that means "and ready to be signed".
There is no further details on where the signing will take place (does it really matter except for a photo op).
There is still a long way to go, but it seems, the US is getting tired of 1-2% growth (whether they admit it or not the uncertainty from US/China has hurt US business investment and not been great for trade overall). China is not happy either.
So heading back to pre-tariff levels is a step in the positive direction (after taking steps backward).
What still remains are most of the the "seven deadly sins" which are:
- Stop stealing our intellectual property,
- Stop forcing technology transfers,
- Stop hacking our computers,
- Stop dumping into our markets and putting our companies out of business,
- Stop state-owned enterprises from heavy subsidies,
- Stop the flooding of fentanyl in the US, and
- Stop the currency manipulation
The flood of fentanyl is leading to a massive amount of deaths and addictions. Currency manipulation is easily solved by simply realiizing that currency manipulation is certainly not as bad as it used to be.
The other 5 on the list are tougher to solve, and hard to police as well. I am not sure that there will ever be a black and white deal, but if both sides can "fuzzily" agree that there should be some "rule of law", perhaps that will be good enough.