President Trump has just signed the first part of a new trade deal with China. While the complexity of the U.S.-China relationship makes complete deals very difficult, this deal is a monumental first step toward free and fair trade. In the short term, the deal will help certain industries that were hurt by the trade war. In the long term, Chinese markets will be fairly opened to U.S. manufacturers.
This deal is a huge win for all Americans including workers, taxpayers, businesspeople, consumers, and investors. Here is what the deal does:
China has agreed to continue to eliminate tariffs on agricultural products, and the Chinese will purchase as much as $50 billion of American produce in the next two years. This is great news for farmers who have been struggling since China retaliated to Trump’s tariffs by placing tariffs on their products. This deal assures them strong steady demand going forward.
China will also purchase another $150 billion of other US manufactured goods. This will increase production at many factories, which will increase their demand for workers. Moreover, these Chinese markets will remain open into the future.
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