The US-China trade deal

 NY Posts:


The US and China have agreed on a deal to help resolve the trade war raging between the world’s two largest economies, top Trump administration officials announced Sunday.

Details of the deal — struck during negotiations in Switzerland over the weekend — were not revealed, but officials teased that more information will be shared on Monday.

“The U.S. has a massive $1.2 trillion trade deficit, so the President declared a national emergency,” US Trade Representative Jamieson Greer said Sunday. “We’re confident that the deal we struck with our Chinese partners will help us work toward resolving that national emergency.”
...

The announcement comes after the Trump administration unveiled a framework for a trade deal with the United Kingdom last week.

China is America’s third-largest trading partner and has long drawn ire from Trump over its practices, including exporting materials necessary to make deadly fentanyl, currency manipulation, intellectual property theft, forced technology transfers and more.

Some estimates have pegged Chinese IP theft from the US at $225 billion to $600 billion annually.

Last year, the US had a $295.4 billion trade deficit with China, a major pet peeve of Trump’s.
...

US importers have been buying more stuff from China than China has been buying from the US.  Trump is trying to rebalance those transactions, which would reduce the US trade deficit. 

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