US President Donald Trump met with Chinese Vice Premier Liu He at the White House on October 11 and announced that China and the United States reached a first-phase agreement. Trump also said that he will also meet with China at the APEC summit in Chile in November and sign an agreement.
The New York Times reported that just a few weeks ago, Trump was still seeking a comprehensive agreement. But today's agreement is far from a comprehensive agreement that Trump has been pushing. Many of the issues that the current government is most concerned about about China's economic behavior are still pending. Although the exact terms of the agreement are still being negotiated, the details announced by Trump include many concessions previously proposed by China, including the purchase of US agricultural products. It does not seem to solve some of the most difficult problems that the two countries have been trying to solve. The report said that if the two sides can not make progress, the trade war will further deteriorate, and some of Trump's biggest political supporters, including farmers and small businesses, will be the first to be affected, so it is crucial to reach an agreement.
The New York Times reported that the "economic pain of the United States seems to have softened Trump's fighting spirit." The conditions opened by China are also quite attractive. The Wall Street Journal reported that if China's purchases of US agricultural products increase by 40 billion U.S. dollars to 50 billion U.S. dollars in one year, the increase will be considerable. When the trade war did not start in 2017, China imported about $24 billion worth of food and agricultural products each year from the United States. The Capitol Hill reported that the trade agreement could also bring some good news to Trump's re-election campaign.
The "USA Today" reported that Wang Huiyao, a senior adviser to the Chinese government, said that Trump reached a preliminary agreement with China because he was worried about the 2020 election. "Christmas is coming, he wants to be re-elected. American consumers will not accept all consumer prices to go higher." Bloomberg reported that the small agreement is Trump's best choice. Trump hit the wall on all sides. With the escalation of the Syrian crisis, relations with China have become more tense, not to mention the impeachment investigation and the economic slowdown in the heart of the United States. He urgently needs some good news.
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