The in-principle agreement between the US and China to avert their festering trade war could set a new normal for “managed trade” with adverse implications on other countries in the global trade, analysts said.
US President Donald Trump tweeted on Thursday: “getting VERY close to a BIG DEAL with China.” As part of the proposed deal, Washington will roll back existing tariff rates on Chinese goods and not impose new ones on $160 billion of Chinese goods that were to take effect from Sunday.
After a meeting with his top officials on Thursday, Trump said for the first time both sides want the agreement, as compared to his constant refrain that only Beijing is desperate to strike a deal with “us” (Washington). “They want it, and so do we!” Trump tweeted.
What China must do
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