Our mysterious “Phase One” trade deal with China is set to be signed:
President Trump said Tuesday he will sign the first phase of a trade deal with China on Jan. 15, as the two nations move to cement a partial truce to the trade war….But even though the White House said a deal was reached more than two weeks ago, neither side has released the exact wording of their agreement. Still, the announced deal has been enough to lift financial markets because many investors feel encouraged about the direction of the talks.
President Trump keeps boasting about how this trade deal is worth $30 billion to America’s farmers. Or maybe $40 billion. Or $50 billion. It’s the greatest trade deal in history!
And yet, for some reason nobody has seen the actual text of the deal. It’s tied up in “translation.” Or “legal review.” Or something. My own guess is that it’s tied up in “this deal doesn’t really do much of anything at all.” But I’m a cynic.