Trump’s initial trade war with China was intended to revitalize the American economy by balancing out the playing field. He demanded significant reduction or elimination of intellectual property theft and remedies to bad deals made by previous politicians. In the spirit of furthering the benefits to America when dealing with China, Trump announced “phase one” of his next set of trade deals.
This first phase is focused on canceling new tariffs imposed on China earlier this year. Additionally, China has allegedly agreed to bulk purchases of American farming products, energy and other manufactured goods. There will also be structural changes that Trump has yet to elaborate on.
The president also mentioned that phase two of his negotiations will begin before the 2020 elections.
Wang Shouwen, China’s Vice Commerce Minister, said the revision of the trade war will create better conditions between the nations. This “mini-deal” shows “significant progress” has been made on this issue. More details regarding phase one and successive phases should be released soon.
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