‘We have a great well-knit relationship, the best it's ever been’: U.S. President Donald Trump after signing Phase 1 trade deal with Chinese Vice Premier Liu He
Soybean futures sank after Liu’s remarks, a sign that farmers and traders were dubious about the purchase goals.
“While markets seemed to take this deal as a risk-on signal, we should all be aware that headlines about trade, particularly U.S. China trade, are going to be a constant feature of 2020,” said Hannah Anderson, Global Markets Strategist, J.P. Morgan Asset Management in Hong Kong. Although the deal could be a boost to U.S. farmers, automakers and heavy equipment manufacturers, some analysts questiTrump, who has embraced an “America First” policy aimed at rebalancing global trade in favor of U.S. companies and workers, said China had pledged action to confront the problem of pirated or counterfeited goods and said the deal included strong protection of intellectual property rights.
Earlier, top White House economic adviser Larry Kudlow told Fox News the agreement would add 0.5 percentage point to U.S. gross domestic product growth in both 2020 and 2021. But it will leave in place 25% tariffs on a $250-billion array of Chinese industrial goods and components used by U.S. manufacturers, and China’s retaliatory tariffs on over $100 billion in U.S. goods.
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