AFP, Washington :
The world’s two dominant economic powers, the United States and China, are poised to sign a trade truce Wednesday that will allow businesses around the globe to breathe a sigh of relief.
Although tariffs on hundreds of billions of dollars of two-way trade will remain in place, likely at least until after President Donald Trump faces reelection in November, some of the uncertainty will go away.
And just as he is about to face an impeachment trial in the US Senate, Trump will be able to crow about a victory with his “phase one” agreement that includes pledges from China to beef up purchases of American crops and products, at least in the short term.
That has boosted stock markets worldwide in recent days, as it takes the threat of new tariffs off the table for now.
“He’s delivering on all his promises, and he is building a great economy for American companies and American workers,” Treasury Secretary Steven Mnuchin said late Tuesday on the eve of the signing.
“I think phase one is an enormous step in the right direction,” he said in an interview on the Fox Business network.
The world’s two dominant economic powers, the United States and China, are poised to sign a trade truce Wednesday that will allow businesses around the globe to breathe a sigh of relief.
Although tariffs on hundreds of billions of dollars of two-way trade will remain in place, likely at least until after President Donald Trump faces reelection in November, some of the uncertainty will go away.
And just as he is about to face an impeachment trial in the US Senate, Trump will be able to crow about a victory with his “phase one” agreement that includes pledges from China to beef up purchases of American crops and products, at least in the short term.
That has boosted stock markets worldwide in recent days, as it takes the threat of new tariffs off the table for now.
“He’s delivering on all his promises, and he is building a great economy for American companies and American workers,” Treasury Secretary Steven Mnuchin said late Tuesday on the eve of the signing.
“I think phase one is an enormous step in the right direction,” he said in an interview on the Fox Business network.
