This is not hard. Poor trade policy and a manufactured crisis now deescalated does not mean a win. Where are Moe and Curly?
6
Trump is being played by the Chinese. He has zero leverage in the negotiations because overall his trade war hurts the American economy more than the Chinese. Plus, he is politically weak and the Chinese know this. If there is a ‘a deal’ then simply announce ‘the deal’ and quit playing this game of charades.
2
Chinese people don't like genetically modified food. On the other issues around which the trade dispute evolves, I guess a large number of Chinese can understand the American stances.
1
How is this weeks agreement different then the “pending” agreement we almost reached with China this past summer? If not mistaken, when that trade agreement failed to materialize isn’t that when the December Tariff threat was initiated?
Trump talks a lot about “almost deals”. Trade deals, Israel/Palestine peace deals are always pending. Just like the “pending” release of his tax returns, there is no such thing as a “pending” deal. Until Trump announces a deal or none exists.
Perfect example: Trump Announced he was withdrawing Troops from Syria. Nothing “pending” there.
2
Until this is actually signed and details worked out, be careful. This is just a baby step and in reality does not solve the underlying problems that led to where we are. Worse, trump and his unbridled brain and mouth could say or tweet something that makes the Chinese walk away. If anyone thinks any foreign power, no matter how in love trump may be with their often authoritarian leader as in China, trusts trump, then I have a bridge to sell, especially trump being a master of creating smoke and mirrors. Hopefully something comes from this, but I will not be surprised when its comes apart and honestly, it's too little too late.
2
Have the Chinese officials confirmed the " deal" because I do not believe anything the Trump administration says.
4
So, we're still believing what Mr Trump says, are we?
4
Everyone willing to believe the POTUS' statement please raise your hand.
2
Why do I think that all these partial deals represent a planned and phony scheme to make the majority of us think that Trump has accomplished something worthwhile? I trust neither the president nor his trade and economic representatives as truly concerned about my financial well-being.
11
What a coincidence! What did the most wonderful deal maker in the world have to give up to make this happen? Just trying to buy another headline at our expense and it will backfire on humpty dumpty much like his betrayal of the Kurds.
8
Why should I believe anything coming from trump or anyone in his administration? I believe he is saying whatever he thinks will change the subject from his pending impeachment and all the suspect activity that preceded it.
8
So wait. He caused this trade war now he fixes it? What about the $10m he cost my company in 2018. Can he fix that?
How about the Turkish tech deal he’s just thrown into question for us with his threat to destroy this economy?
If we lost so much opportunity to create American jobs with these losses due to Trump’s unmatched wisdom there must be billions lost by others suffering from what is becoming a global opportunist economy based upon uncertainty.
I want global economic stability back. You know, the stability that comes with democracy and military backed US fiat currency? At least give us a chance to adjust before the world switches to gold, or the Yen.
9
The number 1 issue is intellectual property theft by the Chinese. It is a long term threat to the viability of US business. Until that's addressed, no deal should be considered a success.
On a related note, why would Trump meet with a trade envoy? It gives Xi all the power.
5
Trump just declared victory and went home. It's what he does.
15
Once the agreement is signed, China will start negotiating again because they know Trump is desperate.
5
Like St Thomas, unless I see it, I will not believe it.
Honestly, I do NOT believe anything out of Trump's mouth.
I think this is just another ploy to temporarily bump the stock market. That's it. He will reverse himself by the end of next week blaming China for something or other....
15
Congratulations to China for seeing the obvious. Donald Trump 10/11/19 is the weakest president in American history. We are all so happy that today's bad news is good news for the markets. Hopefully tomorrow we might receive even worse news and the fed will be forced to further reduce interest rates. God bless America and may our dollar plummet in value.
3
So, let's unpack this revelation:
1. Trump starts a trade war that affects American consumers and nearly bankrupts American farmers;
2. China, in retaliation, finds other world markets with countries very willing to do business;
3. Trump establishes socialistic principles of giving farmers money for not selling soybeans, pork and other crops to China;
4. Trump brags about a 'deal' with China that is the same 'deal' that Trump rejected last January.
5. America rejoices due to the fantastic economy Trump has created (Just Kidding!).
Go figure!
11
So Trump only met envoy rather than Xi? How low have we come!
6
@Bobb Thought the same thing. Why would Trump give away power to Xi by meeting with envoy?
Let's see: he had a 'deal' with North Korea and that Kim guy he loves. What happened?
He had a deal with Putin not to interfere in our elections. What happened?
He sent Jared to the Middle East to solve the Israel issues. What happened?
He had a deal with Erdogan to act right in Syria. What happened? Etc.
He has now had several 'deals' with China, if you ask him, but none seemed to have happened yet. Mr. 'Art of the Deal' is now trying to put one over on the culture that invented world banking, along with the paper and printing presses it has used since. They saw him coming.
As I posted 2 years ago, trade wars are easy to win - if you are China. We need them more than they need US markets in the short and medium terms. They will let him 'save face' by claiming victories while either nothing actually happens (IP), or they come out ahead. China is playing him like a ruan. Make him think he won while cleaning our wallets out.
Unmatched wisdom in parctice.
14
This is not Phase 1. How many "Phases" have we already had in Trump's manufactured trade war?
No doubt just another a pathetic attempt by Trump to try to deflect and override all the media attention on Trump's impending impeachment and all those "very fine people" he hires to do his devious, nefarious, and illegal bidding.
7
It seems you covered most aspects of the news that Trump announced from the oval office. However, my perception is that your word usage, focus on making negative comments, and in blanket fashion underplaying all of the achievements that exist in this announcement. I am convinced that the New York Times is extremely pessimistic in a purposeful fashion. Can you never really see any good in anything? It's sad your driving people away because you refuse to admit you are wrong about Trump.
Trump has only himself to blame. He’s long since lost his credibility, which would have been very useful to convince people that this deal is the real thing.
1
I don’t believe it! ... fake news from the White House! Based on past experience I find the idea that any interim agreement has been reached another lie. It is probably more likely that this is just another attempt by this administration, specifically Trump or the President (I have a difficult time putting the words “President “ and “Trump “ together), trying to misdirect the public from his criminal activities.
4
This is a side note that people in America probably aren't aware of. Chinese people really enjoy eating pork - it's essential to their cuisine. There has been a virus that has ravaged Chinese hogs, killing over half the entire stock, and pork has become very expensive here in China.
If you're a hog farmer, you really stand to make a lot of money if this trade war abates. Maybe that's bad for climate change - I don't know. But I would appreciate pork that isn't more expensive than chicken.
1
Meeting a Trade Envoys slumming it a bit for the infinite genius isn't it..?
2
Phase I because you need to re-elect him for phase II, or else (fill in the blank).
1
With the addition of "The Great Capitulator", today King Trump added a new title to his enumerable royal titles.
3
I'm sorry but nobody trusts Trump's motives for anything at this point. After begging Beijing to dig up dirt on Biden's son, here is what he says about his own disgustingly corrupt elder 3 children:
“Can you imagine if Don Jr. or Eric Trump, or if our beautiful Ivanka … if they walked out with $1.5 billion?” Trump said. “They would be saying, ‘Where’s the nearest cell?’”
Well, yeah, if your "beautiful Ivanka" has been stealing money by being on the US payroll without any qualifications and at the same time has been pushing policies that enrich you, your children, and your equally corrupt in-laws, then something needs to be done. As an American, I worry about the corruption of the President's children first, you know, because they are the first family and all.
6
Another nothing burger. Thanks Don.
1
Trump needs to show us the agreement. He lies so much you can't believe him. Trump needs to show us the paperwork or this is just another distraction from Trump's very bad week. Lie to us once, shame on Trump. Lie to us twice, shame on us.
3
Phase 1 is USA (expensively) back to where Trump started and Phase 2 will be wiping himself off with Ivanka's Chinese produced napkins.
Trump did to America what he typically did to companies he bankrupted.
2
He has the farmers already. Who cares.
China realized trump is over eager for some way out and sent a low ranking minister to sign the deal and make trump look like the fool he is, and deprive him of the “wining” photo he so eagerly wanted. Once again a foreign adversary beats trump at his own game, and our country pays the price of his stupidity.
It is a wonder that man actually survived in business, and a bigger wonder he hasn’t ended up in jail in the process...
3
Trump is getting played by China so bad
1
@DipB Xi and Kim are possibly conversing on how to hoodwink the unmatched wisdom of Trump.
I know nothing about trade agreements other than the Devil is in the details. This is just an announcement. This China/USA thing is a New Cold War. Get ready for agreements to be made and quickly broken. We don’t like each other. If you want certainty for your business with the Chicoms and the US you came to the wrong century.
2
Trump says there is a deal. Mnuchin says there is almost a deal. What do the Chinese say? It is more likely that there is no deal and Trump announced a deal in order to divert attention from his very bad foreign policy week. It is a shame that American citizens can no longer rely on our own government to tell the truth about trade deals or hurricanes or anything in between.
5
I’m pretty confident, given Trump’s flightiness, that Round Two will be the reversal of Round one. The games afoot again.
7
More like the game’s stumbling over its own, ah, deerstalker hat.
Almost everyone knew it was simply a matter of time before the trumpster caved in. After all, his primary focus is to be re-elected. He has shown on a continuing basis that he will do whatever it takes...........................
5
I am sure the Treasury would be happy to sell all the corn, and wheat that had been put in storage (even at a lower price) to avoid spoilage. Also, once other countries step in and supply the same agricultural products to China, US farmers market share may not return to pre-trade war levels.
4
Mr. Trump, where are the subsidies for retailers? Just a reminder - one in four US jobs is tied to retail.
5
The industrial and manufacturing workers of the Rust Belt will soon be asking what Trump got for them.
The answer: nothing.
China will buy agricultural products from rural America, produced by the industry most dependent on immigrant labor. China will not buy cars or other industrial products made in America.
Come election day, American factor workers will remember this. Trump can kiss goodbye Michigan, Pennsylvania, and Wisconsin.
13
A trade deal cannot fix what was never really a trade dispute.
The driving force in DC was the hawks' demand to decouple the US economy from China, so that we can fight them. Contain them. Isolate them.
If there really is any deal, any end to this, it will be because the hawks have been forced back for the moment.
You just can't both isolate someone, contain them, and at the same time trade with them freely. Those are opposite ideas.
Are the hawks defeated, because Trump made a tweet about "Phase 1?" I doubt it.
A partial deal to be completed in stages? I’ll believe it when I see it. This approach lessens the pressure to get a final deal and is contrary to Trump’s usual my-way-or-the-highway style. Probably a sign of desperation to generate some positive coverage in the face of all the terrible news lately — try to deflect from impeachment hearings and Kurds horrors. Can he be any less transparent?
4
Trump wants to show that his mob extortion schemes pay; they ultimately don’t.
1
Nothing has bee written, signed or happened. All we have are the comments of man who received more Washington Post Pinocchio's that anyone in history. To be successful Trump need's a globalist perspective, a long term trade strategy with more than China, and world stability - Trump to the contrary is a nationalist and has disrupted trade and stability. Trump cannot accept advise and he cannot do this alone - thus, it is difficult to be sanguine about the outcome.
7
He should just do this every week. Announce Phase I, then Phase II, Phase III, ... out to Phase 49. Any time they make a phone call he can call it a Phase something agreement.
Basically, he created a crisis and then so far all he has gotten is an 'agreement' to keep talking about the crisis that he created.
Absolutely nothing this administration says can be trusted.
25
So what? There was a "fundamental agreement" that North Korea would denuclearize. How'd that work out.
20
We need to wait for the Chinese version to decide the truth. That's how far we have fallen; cannot believe our own government, we first need to hear from our archrival, the Chinese.
20
Why would anyone trust the man of 12,000+ lies? Allies around the world are learning what Trump's kool-aid drinkers have not. The 1-day market response is irrational, as it so often is in the short run.
9
So headlines in major US newspapers want us to know Trump's made a "deal" with China?
Hmmm...Did anyone here watch Trumps recent stunningly unhinged Minneapolis public embarrassment rally?
He was either on drugs or becoming progressively mentally disabled.
And now we're to believe he's made some sort of "deal" with China?
7
Trump is like the arsonist who starts a massive forest fire, volunteers to fight the fire along with the other firefighters, and then proclaims himself to be a hero when the fire is out.
Making America, the World, and the Earth Worse Every Day Trump is in Office! Embroider that on your little red baseball caps.
10
The dems will criticize this phase 1 deal because good news for America is bad news for them. Meanwhile the top headline is a “inside the beltway” oriented article about a democrat ambassador who was replaced by Trump. Which headline means more to most American’s? The answer is obvious.
3
@TJ
There is no deal. Yet. Besides, he is in a position of weakness, he knows it,China knows it,the whole world knows it. He needs A win,ANY win. This popinjay is an easy mark.
6
It is not good news if the cause of the problem is caused by the President's ignorant move to let US battle this trade war with China alone. Why is it good news when China often buys $40-$50 billion worth of farm products of US before the trade war? Why is it good news that China have to follow the currency guideline when the reason China has to lower their exchange rate is because of the trade war? Nothing has changed. It is basically just a feel-good agreement so that Trump can declare victory and strengthen his base.
3
you are spot on
1
"Phase 1" just means buying more time
5
So are we going to get dirt on Biden?
3
Pay attention to the details. I would bet money this is actually a big nothingburger, designed as a pump and dump gift to Wall Street.
The sad reality of having a pathological liar as president is that our in-going reaction to anything he says should be doubt.
6
It’s President Trump...I know it’s hard for you people but he is your president...
1
Right up to the point they put the cuffs on him. in the meantime he has earned nothing but contempt for his ignorance, compulsive lying, unbounded corruption and self-dealing, and rank criminality. Plus, he doesn't even try to be the President of the sixty percent who oppose him.
4
True, Trump is temporarily YOUR president. Enjoy him as his time in office is limited.
3
NYT, et al.: Why countenance interminably one individual? With better judgement, please contemplate, what is a good life, a good life beyond obsession and repetitive critique of one individual.
Trump is a grifter who never wanted to be president. Next.
5
My guess is this is just more inside trading by the Trump's. He loves to make the markets jump with a tweet.
5
What really changed here?
1) Before the tariffs, China was buying $50-60 Billion in Agricultural products, so no change;
2) The tariffs that are really hurting manufacturers here, the intermediate products China produces that American and other manufacturers use for a final product, are still in place , so manufacturers got no relief;
3) Nothing about technology transfer for businesses wanting to start in China, so no change;
4)Tariffs on ~ $300 Billion worth of Chinese products are still in place, so no relief for consumers;
5) No intellectual property protections at all - China will delay anything meaningful on this till after the 2020 election , because this is a core part of their "research and development" - stealing it from others;
Ultimately, the markets provided the best indicator of this deal.
When details of this "deal" leaked, the DOW, which had been up almost 500, fell to end at ~300 up for the day, so about a 40% drop from it's highs. Check the charts for yourself. There is a plunge at ~ 3:45 pm, right after Trump mentioned this.
That's Mr. Market telling investors that this was a meh deal , at best, but more likely, a bad one.
To sum it up - Trump caved. Pure and simple.
5
Of course this was always about getting Wall Street, Trump's main benefactors,more access to China. Intellectual property, not so much. After 45 years in the market, I wouldn't make an investment based on this agreement,with your money!
2
Curb your enthusiasm ... please
As several point out in both article and comments, this "deal" does nothing --
except weaken a few of the provocative and useless steps Trump has taken in his failing effort to wage total economic war on China
That pointless and destructive effort is increasingly seen even in the US as "unwinnable" in principle,
and deeply damaging to the many sectors of the US economy whose prosperity is inextricably linked to China --
a reflection of the reality correctly dubbed "Chimerica"
Please note this "deal" is only an agreement "in principle"
Who can forget how many such "big deals" Trump has announced -- with the usual overblown fanfare --
only to fall apart during crucial negotiation of the details?
All it "insures" is that China will buy agricultural products IT WAS GOING TO BUY ANYWAY --
and Trump will "postpone" another punitive and counter-productive round of tariffs he should never have enunciated in the first place
Crucial matters -- above all the futile attempt to destroy Huawei,
the leading company in the development of "next gen" 5G technology --
remain unsettled, not least because they will NEVER be resolved in a way Trump has sought and promoted as "vital"
The "easy to win" trade war Trump promised has already cost the global economy -- not just Chimerica -- billions, with no end in sight
China is smart enough to agree a mini-deal that limits the damage &
gives Trump the only thing he wants and understands -- a headline
4
How many times have we seen this episode? Trump announces a "deal" but provides no concrete details. In a day or two, it will be like nothing ever happened. Because nothing did. It's just more empty Trump bluster.
We have learned that if we want to know what really happened between our president and a foreign leader, we have to rely on the foreigners for a truthful account -- whether it comes from Russia or North Korea or Mexico or Australia. The whole world knows: You cannot trust Trump's America.
Ask the Kurds.
3
China is far smarter and more competent than Trump and his toadies, like Peter Navarro. But there is a larger point here; for decades, China played along with the rules of international globalization, believing that the idea of mutual gain would be enough to keep the process going. The Trump actions have demonstrated to China that it made a mistake. It made itself vulnerable to American economic and political blackmail. China is not going to fall into that trap again. Anything it purchases from the US in the future will be done with the idea of being able to leverage that product in any future trade wars. And it will build in contingency plans to insulate itself and its businesses from American blackmail. Asia, the most economically dynamic region in the world, is going to be pulled into China's orbit, despite American resistance. The Americans have proven, time and again, that they are unreliable and untrustworthy. Asians recognize this and are making their calculations accordingly.
5
Could this be a real thing or an end run by Trump in which he can hail that he won the trade war (he created) by finishing up a real agreement just before the 2020 Elections? No pit of slime is to low that he would not bathe in it if it enriched his own pockets and he desperately needs money and votes now that his world is imploding. This is orchestrating out really well to that end, he has to have bold actions to now save his lost Admin & stay in office, he is dead at the current polls.
2
There was never any doubt in my mind that the Chinese were going to come back and buy our agricultural products. How are they going to feed 1 billion Chinese? I feel sorry for American pigs and America's Heartland and America. We've torn up, plowed up, and poisoned with RoundUP and pesticides and fertilizers just about every square inch of arable America that is possible. We did this for the Chinese and the pursuit of ethanol. This deal postpones temporarily the destruction of the Amazon forest which I guess is good for the time being. It is better to use what is already destroyed before destroying something else.
I guess, as the NY Times reported that we've lost 3 billion birds. Of course we've probably lost 3,000,000 buffalo, 50,000 wolves and badgers and foxes, trillions of bees and bugs and native flowers but we'll be OK. Will we?
I guess I'm just a glass is half-empty guy.
2
Deflection with spin and immediate taking of credit for being a genius on all aspects of govt of course anything goes wrong blame the generals.or the FED
2
Is there any reason even to believe Trump? He's flailing and desperate for anything which can be spun as a "win."
1
"Trump Reaches ‘Phase One’ Deal With China and Delays Planned Tariffs"
So, "he, and he alone" who would be so insane and misguided to intentionally create a global financial crisis for his own hubris, then is "he, and he alone" who pretends to fix it in order to fool his so-called supporters. I'm sure some •will• be fooled. There are also those who believe climate change is a hoax and the moon landing was faked. Likely, they're Trump supporters as well.
1
As I recall there had been prior agreement with a Chinese trade negotiator Then he returned to China and Xi, concerned he would lose “face” with his people, axed it.
1
I wonder why the previous administration never negotiated better trade deals with China, Mexico, Canada etc
Great. So Trump has put a temporary halt to the mess he started? "Come in and have your lunch little Donnie, you can return to making mud pies later"
1
No new name for the agreement? He renamed NAFTA as USCAM. Will this be called the THC agreement? Trump Heeds China?It fits.
1
Trump's Phase 1 is vaporware.
2
Details, as usual will becoming "soon, very soon"..."next week or shortly thereafter"..."at some point in the near future"..."over the next two weeks"...."eventually"..."later".....
Just another distraction in a never ending string of distractions...
1
Lie number 11,583.
1
These tariffs were all a reelection ploy by Trump. When I get in trouble, we'll pretend that I have won over China and China is relenting. What a horrible ruse by Trump. China doesnt need anything from America. They hold our debt. We see Trump now pulling this ruse and the stock market rose when he lifted some nonexistent tariffs.
1
The reason this is happening is because Trump needs a win right now, no matter how small and unsubstantial tht it really is. China will make use of his weakend postion to get what they want and Trump will play it off as a win for him. After all its not about the economy or actually winning these days. Its all about spinnning the story.
In any event Trump is like a magician whos one hand is on fire, and will put his other on fire as well just when the heat is getting too hot. One day though hes gonna get burned due to a mistep, wheater it be impeachment or if hes voted out.The reason this is happening is that Trump needs a win right now, no matter how small and unsubstantial that it really is. China will make use of his weakened position to get what they want and Trump will play it off as a win for him. After all its not about the economy or actually winning these days. Its all about spinning the story.
In any event, Trump is like a magician whos one hand is on fire and will put his other on fire as well just when the heat is getting too hot. One day though he's gonna get burned due to a misstep, wheater it is impeachment or if he's voted out.
1
I wonder if they are going to help him with his “dirt on Biden” and this way he can call it a “win”.
1
So, China will go back to buying what they were buying in the first place, and we'll go back to buying what we were buying in the first place, and Trump will call it the best deal that was ever made in the history of the world.
9
In other words it's the same deal Trump could have gotten if he hadn't started his trade war in the first place. Having turned our nation's farmers into welfare recipients perhaps now they'll be left alone to earn their money the old-fashioned way. And Trump and his daughter can keep on making their branded geegaws in China where the labor is less expensive than it is here. Thanks, Mr. "President."
5
Yes Pork is Important, but the underlying issues of System Change is not going to be resolved.
Branko Milanovic, the outstanding authority on Inequality, puts it nicely: “In the West, liberal capitalism creaks under the strains of inequality and capitalist excess. That model now fights for hearts and minds with political capitalism, exemplified by China, which many claim is more efficient, but which is more vulnerable to corruption and, when growth is slow, and social unrest.”
China is not going to let go of that battle to please the American Chamber of Commerce.
1
OK, so the story is that they agreed to a whole bunch of conditions with the United States just promising to not push Trump's tariffs.
Boy, that makes him a super-duper negotiator, doesn't it?
I don't believe a word that comes out of his mouth.
9
we need to see the details, and more importantly we need to see if this deal ever gets signed. this would not be the first time Trump has announced a deal only to see it fade away.
3
This deal looks like far less than "half a loaf" for the US. It looks once more like Trump the bully (but with no real courage), having blustered big and then retreating after he put the nation through unnecessary crisis. And in this case, he's probably retreating to saving his own skin in the 2020 elections, since the trade war with China will cost us something (including in those critical Midwest swing states). But it is worth it.
Donald Trump was RIGHT seriously to challenge China (as previous Presidents have been unwilling to do), since China is our primary adversary in the 21st century, and has been getting away with murder in its mercantilist trade practices with us for far too long. So, having taken that bold step to enact tariffs to get Beijing's attention and tell them we're serious, I hope he does not give up the ship now and retreat with his tail between his legs because of worries about his re-election. That is NOT how a real leader operates.
2
China won the manufacturing war long ago, by doing it better. This will not change. They accelerate into the distance.
Their infrastructure reflects this.
This was done with the direct encouragement of American manufacturers, for decades. America was not alone in this.
Also the encouragement of US government.
So now the Chinese are the best industrialists.
Lets figure out how to make out way using that to our advantage.
4
No matter what happens, Trump will claim a magnificent victory thanks to his "great and unmatched wisdom".
5
The art of the deal entails worsening the existing situation, and then reversing slowly to get nearer to the original starting point. Then claim that you made a really good deal, the best actually... Just don't forget the hand gestures.
7
Noting in writing, on a Friday afternoon, after a string of bad news items? So, Trump is undoing some of the damage he's done with his tariffs and trade war? I find it difficult to accept anything Trump says as truth...
14
Who's speaking for the farmer in theses deals, Trump?
Who's telling the truth to the tax payers in these negotiations and possible deals?
When are Americans, Republicans, Democrats and independents going to ask to see the deals before anything is in ink on the bottom line,haven't we been snookered enough
7
@Peter
The farmers seem to accept losing their farms is the price they have to pay for Trump's profits. They are thrilled with him and would do it again. They are his most ardent supporters. Along with the auto workers who lost their jobs. Worth it. Trump is their king.
2
30 percent of $250billion is 75 billion that supposedly china will not have to pay on oct. 15th(trump always claims that china pays the tariffs and not the importers). the deal explained says that china will buy 40 to 50 billion of farm products sometime in the future. i have not read when this is to take place. of course the buyers get the products for their money. thus money for products is a wash.
the above deal looks to me like the USA is getting a very bad deal as far as all use citizens are concerned. i guess the farmers(farm vote) will be happy ..........sometime in the future.
3
If anyone believes that there is any substance to this unsigned, still to be fleshed out Phase 1 deal, I have a large bridge between two populous New York City boroughs to sell them!
7
Lucky these farmers don’t have repay all that free money like the Automakers did. Also, the art deal in this verbal phase 1 sure seems to come at convenient time in the media cycle for Mr. Trump - right when China’s desperate for pork & could be leveraged. Remind me who’s winning again, cause it isn’t the taxpayers.
2
most of the money went to Big Agribusiness, not your Mom and Pop family farmer, they are still waiting to win, and will also be waiting to win if this deal ever does get signed. Small farmers are still going out of business.andntheir land will be bought by developers or Big Agribusiness.
4
In other words, American middle class, and lower wage earners will be forced by Mr Trump to pay more for everything.
In the meantime, Mr Trump has cleared the way for investing in China. His restructured tax laws already covering the offshoring of money.
1
@Bill
But because it is Trump, not the black guy, they will be thrilled by the result. Trump told them they are.
Since when has the best deal maker in the world talked about a Phase One? Hoping for a way out of hid bluster and LOSING!
2
Pardon my cynicism, but it seems to me that Trump has just produced a Hollywood type trailer that will bear little resemblance to the released movie.
Can people seriously believe that China will agree in any way to control its currency according to American rules?
Can people seriously believe that China will allow American financial companies to gain a foothold in China?
Can people seriously believe that China would agree to purchase vast amounts of American agricultural products when they've demonstrated already that they'll say they'll do it and then not do it?
And when it comes right down to it, can people believe anything that Donald Trump says? Until it's a signed deal, we're in for more ridiculous tweets, about faces and reversals from Trump that will cause more market ructions.
This trade war is far from over, despite the 'chosen one' and 'great and infinite wisdom' telling everyone that trade wars are easy to win.
7
"Farming," General Eisenhower once quipped, "looks mighty easy when your plow is a pencil and you're a thousand miles from the corn field."
President Trump, in today "phasing" and "papering" his new deal, is maybe splitting the difference between two old farmer cliches: "Don't put all your eggs in one basket" and "Don't count your chickens before they hatch."
Perhaps American farmers should ask if The Donald knows more than The General.
I trust the answer is clear.
1
@Retropolitan
They did. American farmers say Trump is the Greatest American President Ever. They are happy to give up their farms for the stable genius.
So,let's get this straight. Big breaks for big farms and big banks. Big contributors for campaign 2020. Am I missing something?
4
Remember, we're still watching Reality TV, not a presidency.
3
We've heard this kind of talk before. Stocks go up. Stocks go down. Rinse and repeat. Nothing ever gets to the dryer.
1
Trump is caving, again. but unfortunately his followers will paint this defeat as a huge victory ...
4
If by caving you mean not caving you’d be right. Everyone said he’d cave in North Korea but he walked out of that meeting. Same with China. They were almost at a deal that he’d played up considerably and he walked and escalated the trade war. Say what you will about the President of all Americans. But he does not fold easily, and that’s just a fact.
Will Trumps mis- guided tariff war with China now help FedX an American company recoup their losses from this President?
FedX relies on trade ,Mr President.
Pattern recognition should tell us that nothing will come of this. We have seen many announcements like this only to have the Chinese moonwalk it back a couple of weeks later. The cake and balloons today was more about a White House in desperate need of some good news as a distraction from the Ukraine tar pit they have trapped themselves in.
Stand by for yet another deal to shrivel up as the put together the “final wording” of any deal.
3
Fantastic. Now Trump can declare “victory” for a crisis of his own making.
6
Are we supposed to believe this was done for our country's benefit, or because China agreed to investigate Biden? How can we have faith that this administration does anything without a nefarious motive or a hidden agenda?
2
And who believes any of this will actually happen?
3
A question from afar … will this be as effective as the “arrangement” in place with North Korea?
2
In other words, he couldn't close the deal.
1
How do we know he hasn't just made this all up?
2
“Although exact terms of the agreement are still under discussion...”. Translation..there is no deal.
3
I applaud the effort to agree to pursue a trade deal. At this point however, because he changes his mind as the wind blows, I want it signed and delivered before I pop any champagne corks.
I don’t believe a word Lying Donald says and I’m willing to bet that millions all over the world are of the same opinion, including the Chinese.
2
If The Donald says it then it must be so. Probably the same deal China offered a year ago with more holes in it than a block of Swiss cheese
Trump "deals" aren't worth anything.
Here’s all you need to know regarding any “substantial verbal deal in principal” involving Trump.
He’s an absolute, clinical liar.
Don't believe anything Trump says. The Chinese know a deal can't be struck. They're doing whatever is necessary to keep the calendar moving. What Trump is asking for is out of the question. Period.
1
President Trump backed himself into a corner with no good exit strategy: unilaterally decreasing or eliminating the tariffs makes him look weak but staying the course is unsustainable.
Given how often Trump has not only changed his mind but outright lied, I'll believe there is a trade deal when it is formally certified.
2
I lost my job to China earlier this year and don’t see it coming back.
This deal is good for American farmers but China only agreed because they need the food and to stop the hemorrhaging of factory orders to other countries.
Not a full deal by any means but Trumps friends in banking should be happy.
If we are going to be serious about climate change the glut of Plastic from China must end!
1
Ironically, the entity that is actually winning in China is the NBA
Of course, conservatives are jealous of their success and are blasting the airwaves with fake outrage
Meanwhile, your President can only proclaim "in principle" "victories" that are always going to materialize "very soon, not today, but very soon"
“The banks and all of the financial services companies will be very, very happy with what we’ve been able to get,”
Really? Chinese companies cook their books in China. We are getting into quicksand now?
1
Hmm, if trump negotiates with the Chinese he is a failure. If he does not negotiate with the Chinese he is a failure. If he waits for an all or nothing deal, he is unrealistic. If he proceeds in a phased approach, he is caving in. Wow - nothing this guy does will ever be approved, and it is clear that a lot of folks are putting partisanship ahead of what is best for the country.
1
"along with agreeing to guidelines on how it manages its currency."
Really? I highly doubt that. Would the USA ever agree to such a thing? It won't be too long until China is the big dog... the USA #2. Will we then agree to China's guidelines on how we manage our currency?
5
Umm. There was no deal. Removing increases that haven't taken effect is not a deal. Getting agricultural purchases is not winning a trade war (China agreed to this in May 2018).
This was nothing. Zip. Zero.
If anything, it shows how weak Trump is politically now.
17
In other words, more smoke and mirrors from the Trump Carnival.
The timing does seem appropriate given the issues Trump faces and the need to distract and deceive.
9
I will wait to see what actually happened when it is reported factually by a accredited new agency; it is in Donald's interest to make this look good (he's known to lie) he's had a bad week. And if anything was accomplished in the negotiations I'll bet it put us back a slight bit to were we were before the tariff's. So two steps into trade war one step back to economic sanity. Everything under this guy is such a disaster, that when we get a small reprieve its like your favorite team scoring a touch down. The only thing he has done is lower our expectations greatly.
4
Dont be fooled, it will not get better and continue to wind down into recession and quite possibly depression before the entire system goes down the tubes at Armageddon.
1
Likely will end up with a terrible deal, because he has spent all of his political capital trying to avoid impeachment and abandoning the Kurds.
2
Trump is caving in to China's demands. He has to. His political position is slipping and China knows it. Trump will sell us out before the ink dries on "Phase One".
5
@Patrick Stevens What little political capital he had going into office has now been flushed by his own actions.
Which leader would be willing to negotiate with someone as untrustworthy as Trump who would turn on the negotiating partner if opportunity knocks.
2
All our other allies in Europe have not signed on to any agreement with Trump and his aggressive tariff . So we will still be paying well fare to the farmers for decades . The GOP basically are buying votes. Sad they can’t win the majority ever so this is what they have to do buy votes.
3
Art of the Deal. Great for the US farmers and good for the stock markets.
1
Trump is lucky there are so many rubes in this country who buy his two-bit routine.
2
Nothingburger.
4
Listen up, everybody, the trade deal is in:
So, China gets tech and IP, and we get the crops.
Roll up your sleeves, grab that pitchfork, and get to work ...
... YOU HEARD ME!!!!!
3
Phase One, partially undo all the things I screwed up. Phase II, declare massive victory with no positive improvement.
We have a handle on how he rolls.
15
@Dutch
Phase III. It's all fake news; I never heard anything about it.
1
Anyone who believes this B.S., us certifiable!
4
trump said that trade wars are easy to win. repeatedly.
based on this it is reasonable to conclude that an A rated president could have won the trade war in a month. a B president would have taken longer, say three months. a C president perhaps six months. it might have taken a D president as long as a year to win the trade war.
after more than a year and a half, trump has only acheived a truce. if he works hard he might get an F-.
btw it is highly likely that trump himself planned on winning the trade war quickly, so as not to interfere with the 2020 presidential campaign.
3
Another great victory for the president's policies.
2
"President Trump said Friday..."?
"Mr. Trump speaking from the Oval Office, said..."?
"The initial deal, which Mr Trump said..."?
Seriously?
3
If you know old wisdom words from an ancient Chinese strategist Sun-Zi:
"Pretend you cannot fight if you can fight.
Pretend you do not want fight if you want fight."
then you'll know this trade deal is actually China's total victory.
With the set of "phase one" trade-deal, now China is hand-free to deal with the protests in Hong Kong and the incoming president election in Taiwan in 2020.
On the other hand, though it seems like Trump also benefits from the deal; for China, their best interest is to keep Trump as the President rather than he is being kicked out of the White House.
Trump has demoralized and split this nation for nearly three years, and has alienated the United States from allies. Surely we all know now Trump is going to have a more fierce attack against Congress's impeachment when he's turning his attention away from China.
Now China only needs to sit back and watch the drama from the other side of the Earth, and then expand their power quietly. Sad.
6
The key phrase here is... "the deal has not been finalized".
That means they are still negotiating
6
Take two steps backwards, one step forward, and push the false narrative that you're "winning"
It's obvious to anyone actually paying attention to the data that our trade deficit has swelled and we literally needed a Fed bailout to stave off a recession
3
Trump declaring victory before he totally destroys the economy. Well that is good news , better than another 28 billion in aid to the farmers he ruined
8
Round and round we go, where it ends nobody knows.
4
This is when he takes any scraps the Chinese give him, betraying the farmers who sacriFiced for two years, just so can pretend he won something and congratulate himself for a dow rise.
9
What is this? A newspaper article or cut n'paste from a White House press release?
That's it? Mr Trump did some sanctions and the Chinese just rolled over and surrendered? Way to go, Donald!
But, but... what happening to China's own retaliatory sanctions? That 'blacklist' of American companies? President Xi pulled back those, did he?
Actually, what happened to Kim's nuclear weapons program? The one that Mr Trump was going to stop? With sanctions. It it over?
4
This took way too long and curiously won't take effect until after the "election" next year
How very convenient ......
2
Does the deal include a Chinese government investigation of Joe and Hunter Biden?
5
I am gonna wait to hear what the Chinese say about this. Sadly, tRump cannot be trusted.
7
What happens next year, after Christmas shopping designed to appease voters?
1
So, now that he “saved” the tariff war from escalation, just watch as Trump intercedes next in the Turkish - Kurdish war and demands the Nobel Peace Prize.
1
It is a good idea to have 2 to three yrs of mini trade deal if long range deal cannot be worked out due to political reasons internal to China and USA.The present deal will help the world economy and benefit millions of people world wide.It was awise step to move forward.
@Rishi You assume this announcement conveys there was success? Mnuchin stated there is agreement in principal. Period.
So, Trump threw out more chum for his followers in continuation of his bait and switch narrative.
1
Certainly by now the Times should have learned its lesson that no story should rely on Mr. Trump giving an accurate or truthful description of events.
5
Drown the farmers, then "rescue' them.
4
Rescue them from their own terrible decision with our money.
1
is this just hot air? Where is the evidence?
2
Some of my stocks rose today.
1
This 1st phase will never happen. The MAN lies, lies, and lies. He will have another rally and issue a kill order!
2
Looks like a nothing burger.
2
Yeah, he's said this before, when he needed to a distraction from somebody breathing down his neck.
What happened then?
1
I guess it is just a matter of time before the Chinese dirt on Biden arrives. I hear it too is tariff-free.
1
A real big win for the President and the American people. Now can we get the NYT back to analyzing the Dems impeachment strategy.
1
More fairy dust on my beans.
3
Such convenient timing
3
Create a fake crisis; diffuse the fake crisis...then claim hero status.....then call Hannity and tell him to propagate the fakery on nationwide TV in front of a giant waving American flag.
TRUMP: The Art of Gaslighting
9
Fortunately, We haven't gone from the swamp completely into the sewer, yet!
1
LOL. Nothing written. More like phase 0.1. -1.0? We've never been led astray by announcements from our dear leader before, have we?
2
Hmmm. Trump must have thought about what he'd boast about at tonight's rally and decided he needed some material to replace his puerile soft-porn imitation of FBI agents.
Meanwhile, nothing else about this seems to be worth the paper it's written on.
1
Annuals of History Vol. 1
The residents of the City on the Hill elected a useful idiot who went down the mountain to shake hands with the devil. After a one-year stalemate the leader took praise for his cunning business skills to agree to a worse deal that was on the table one-year ago.
In a hushed tone the self-appointed Genius, as he was also known, claimed that he alone could have solved the instability in global trade security with the devils.
After the cheers calmed the lemmings mached home to watch Media reports to decipher coded big words that sounded in conspiracy against the Great One who Made America Great Again - two times in over two years, a Universe historic record.
The leader then went to His palace on the Hill and turned to his Queen, "you married a genius, but you look sad?". The Queen answered, "no darling, it is a smear in my make-up from tears I shed while watching your subjects cheer your victory over the devil."
The Great One remained silent and while his eyes watered with emotion rarely evident, he uttered in broken voice, "I know; I know".
Genius 1 - Trump
Phase two comes after China digs up dirt on Biden...
1
Trump is an infamously chronic liar. Why should we -- or Wall Street investors -- believe any of this?
3
I vaguely remember Richard Nixon announcing a breakthrough in China while being impeached. Maybe the real crime here is a lack of originality. Even in graft and corruption, Trump still needs a playbook to be the OG...
Excellent! Glad we have a strong president that finally stood up to China!
1
@Ted By bankrtupting farmers in Wisconsin?
@Ted Yup. Fakery at its best. There is no agreement, nothing, nada. Just an agreement to talk.
So, there is nothing to congratulate the grifter about.
Excellent to have a President finally stand up to China. It was his tough stance with the tariffs that brought them to finally negotiate. I hope this deal will help our economy. Trump deserves credit for holding his ground amidst the backlash from wealthy corporations and the mainstream media.
Trump is desperate for positive optics around trade. Earlier in his administration, it was another country buying a few million dollars worth of coal. Now, it is China buying agricultural products at levels from before Trump's trade war, with flowery language allowing Trump to claim "progress." Every foreign leader worth his salt knows how to play Trump now. In fact, my uninformed opinion is that Trump abandoned the Kurds with the intent of Turkey next month announcing they were going to buy more US products. For Trump, it's what he does.
2
Let's not count the soybeans just yet. Trump in large part created this mess with his love of "easy to win" tariff wars. Until it's all signed and delivered, anything may happen.
4
This is not a deal-it was a conversation.Mnuchin says that many details remain to be settled, Trump says the deal is phase one and will take several weeks to write.There were no agreements-this was just a press release to calm the markets.If this satisfies them they are in for a shock in November!
9
A deal which is "substantial" has substance- it is a written accord. Naming something "Phase One" does not signify progress or lend it substance. It's at best an undefined verbal offer worth the paper on which it is written.
Trump is desperate to divert attention from the inexorable progress of house investigations and sworn testimony like Marie Yovanovitch's.
8
This is classic Trump. Create a problem larger than the one you may have faced, make some demands, shout threats, extend an olive branch, initiate talks, hint at great things to come and leave the American public waiting. A normal administration would have arrived at this point minus all the drama and economic pain. We need to remind ourselves of that everyday.
4
Thank you Mr. President! It feels so good to finally be standing up to China and winning! Now we can keep this once in a lifetime economy humming along and Americans working like never before. We need a better campaign slogan than keep America great. Obviously America has now been recently restored to her former greatness, but we need not look back at greatness we once had. We can do better. With another four years I think Trump can pull it off! How about Make America More Great?
1
@Bob....America has been great for several generations.
Since some continue to be blind to that fact, please take notice of what someone famous once said.... "a sucker born every day". That many are incapable of of seeing how corrupt Trump, together with his family and cronies, while they line their pockets on your dime........we really don't need to make America more great.
2
@Bob
Amateur stand up is only on Mondays@ 0300.
We'll look for you then.
The "deal" with China has not been closed.
The initial deal, which Mr. Trump said had been reached “in principle” would involve China buying $40 billion to $50 billion worth of American agricultural products ...
I wonder how many purchasing "phases," and how many years that represents. Oh, and of course the banks have to benefit! One never knows when one's Deutsche Bank is prohibited from doing favors, or when one may need to tap a bank for senior advisors.
2
Mr. Market today is all wrong that a partial deal will solve economic stagnation. Investors forget that the US economy is 75% service which has little to do with China. It is too difficult to transition manufacturing out of China. The consumer is worried about their future not about China. Did anyone notice Chinese currency movements as tariffs took effect. The Yuan just kept weakening making tariffs effect useless. China's GDP is slowing because it is a developed and not an emerging economy.
84
@David Huge Impact... Import a Chinese good for $10...spend $80 servicing and selling it in the US...
8
@David It is never too difficult to transition manufacturing out of China. Once you increase the cost of manufacturing or the uncertainty of tariff increases manufacturing leaves. Manufacturing didn’t arrive in China overnight. It won’t leave overnight. Things are always changing. Ask people in the Rustbelt about change.
1
@Meritocracy since you know something the market doesn't, I assume you have already placed bets shorting whatever sector the market has incorrectly overvalued. You owe it to market efficiency to correct this temporary market inefficiency by shorting the market. Or perhaps you dont actually dont really believe what youre claiming to believe.
3
Trump gave up a small part of of his favorite toys, tariffs, cleaning up a little of his own mess like a three year old. Is Xi trying to support the Trump dictatorship? Did Trump implicitly trade tariffs for an implicit agreement to (corruptly, Chinese style) investigate Biden?
We don't know.
3
China may be figuring that Trump is now in a weak position, between impeachment worries, unhappy farmers and now backlash to his betrayal of the Kurds, and more eager than usual to make a deal.
305
@mm
The longer the war last, the more problematic show on this side. That is a powerful incentive...
3
Trump’s back is against a wall. The “great negotiator” has no cards left to play. He will take whatever Xi gives him and call it the best deal ever.
176
This is exactly why foreign money in American political campaigns is illegal, and why his sketchy dealings with Ukraine should get him impeached: it makes him extremely vulnerable in our relations with the rest of the world. So much for “America First”.
56
The ego maniac demagogue at work, announcing a faux part time deal to prop up his sagging image.
I use to say he will announce a trade deal before the 2020 elections that will be nothing and announce to the world that he is the greatest president since Lincoln.
However, the Chinese are very smart, they see his polls numbers going down and will wait him out till he is either impeached or voted out of office and continue as normal.
3
So, um...apart from Trump's needless grandstanding, nothing much is going to change beyond what was originally agreed to in the WTO--including Trump's grandstanding.
Start a fire, put it out, and claim you're a hero.
9
Unless and until Donald Trump declares, discloses and divests his Trump Organization and other assets into a blind trust any pending proposed trade ' deal' with China should be frozen and fully disclosed.
Unless and until Donald Trump discloses his income tax returns and business accounting financial records there can be no deal with China.
Russia if you are listening can you share this information with the American people pretty please? North Korea? Iran?
4
Where trump is involved you can be absolutely assured that there is corruption going on.
1
Best comedy of the day!
Except the real problems caused in this country by Trump's nutty views of what he can do vis a vis China are not funny.
And another diversion from former ambassador Marie Yovanovitch's testimony before the House today.
It's called bait and switch.
1
Where the heck has Congress been while Trump has usurped their responsibilities?
He's laid tariffs, laid sanctions, tries, and fails, at making trade deals, because they are largely repugnant, sells arms to Saudis against the wishes of Congress, and his latest is to direct American troop movement in Syria, removing protection from our Kurdish allies and permitting 11,000 Syrian terrorists to go back to Syria.
He violates campaign finance laws and reforms immigration laws all by himself.
None of the above listed actions are his ascribed duties listed in the Constitution. They are, each and every one, the responsibility of Congress.
Trump is now announcing some movement toward a trade deal with China. Where is the Congressional vote on this?
Trump has taken huge liberties as President, far exceeding his Constitutional job description. He makes up threats to national security, contrary to feedback from his national security advisors, so that he can use his Executive Authority to make unilateral decisions.
He has yet to make a good decision while in office. The House, to its credit, is doing their Constitutionally described job. But their legislation has sat on the Senator Mitch McConnell's desk for 2 years , because he refuses to permit Senate review.
America is being victimized by a wanna be monarch and his toadies. Every action he is taking is illegal.
Americans must fight for democracy. This is no time to be passive. Hound your legislators, demonstrate, vote.
2
Trump has lost the Trade war and is now backing down. American consumers, farmers, and manufacturers have been the big losers in this trade war that has not brought back a single job to the USA.
2
This is Trump trying to appease the people of this country while at the same time trying to undermine the government of this country.
Keep your eyes and ears open people because the hammer will be falling soon.
2
I am fearful of any deal Mr. Trump might offer. We must be cautious. Perhaps he is just getting himself out of the hole he dug, but nonetheless, it could be disastrous for America.
4
So much hate for Trump in these comments. Someone had to have the foresight to take on China's unfair policies which would've lead them to dominate the world economy very quickly, especially the technology sector. Look at how China is handling Hong Kong or its own censorship within its country. Guys, China is not the good guy here, I'm sorry to burst your quixotic bubble.
1
Not hearing China is the good guy. Hearing "We couldn't close the deal."
1
Trump knows that if the economy tanks during his impeachment trial, he's toast. He is desperate to do anything to temporarily buoy the market.
So china gets nothing as well as a threat of more tariffs?
But deal not done yet
What a joke! China already passed a law they will never enforce over IP and agreed to free up financial service before the trade war started. Therefore, Trump got nothing in exchange for lifting tariffs.
What they really needed was food to feed their hungry people from Trump the Grocer. We send them raw materials, and they send us finished good. Nothing has changed.
Trump acting like he scored a big deal....then we find out it’s just step 1 and then it will be step 2 and so on. The usual carrot dangle to the stock market to make money.
wast of time. nobody needs cheap Chinese goods that are stolen technology not to mention human rights violation specifically in a free Hong Kong. which she be a different country like Taiwan.
-Mexico is NOT paying for the wall.
-Rocketman is STILL rocketing .
-Americans ARE paying the tariffs with China .
-Maduro is STILL in Venezuela .
-More farmers than ever are going BANKRUPT every day this year.
-What a master negotiator !
-What am I worried about ??
7
This deal will happen right after the done deal Trump announced that denuclearized the Korean Peninsula.
7
What we need to know is what sorry favors did Trump give out. This man needs to be impeached and removed from the Presidency without delay!
2
Who is willing to bet their retirement savings on anything Trump says?
3
These deals are total election interference only now China is his accomplice. Impeach Trump (some more) and sanction China.
1
Put it in writing. Let someone else announce it.
Mr. Trump has zero credibility. He might just as well announce he’s a ballerina.
6
Why does this seem so familiar? Press conferences, press releases, announcements of foreign powers going along with ludicrous proposals, that eventually fade from the news, and were never in existence. Just enough for millions who don't follow up on news stories, that will get lost in the news cycle within a month. The phony announcement, with the piles of paper on tables when he claimed he was turning over all his business interests to others, a phony announcement of a new trade deal with Canada and Mexico, a phony announcement on succeeding in denuclearizing NK. Yet the press continues to let this person use them as propaganda platforms. Yes, the NYT does this. The follow up his lies need to be banner headlines, or at least equal to the headlines they give him, and his press officer, when the press just releases the content of their phony press releases verbatim. Shame on the American press; you have become a tool of those that run this country poorly, in rushing to put out their lies.
2
@JoeRed exactly like the great healthcare plan he was going to give us, better and cheaper than anything, now postponed until after his next election!
I suspect that when all the details are known, we will find that Donny got rolled again by a foreign adversary.
4
Are we slowly going back to the way things were before Trumps bellicosity?
For you Trump sycophants, this is his M.O.: Upset the apple cart. Put the apples back. Claim a victory. Repeat.
The upshot is, a lot of pain for nothing.
3
Not a lot of true believers in this house.
"Phase one" of reset three?
So they agreed to pursue an agreement.
133
@King Philip, His majesty - better than a cold stand-off.
@King Philip, His majesty Yes. Nothing more, nothing less.
1
@G G Difference without a distinction? Explain please what you see that is not a stand off.
1
Trump's totally unnecessary trade war with China has cost American consumers half a trillion dollars (masking his budget deficit of nearly $2T). It has cost at least 300,000 U.S. jobs. It has cost American business about $35B.
For all of that, we're going to get things would could have gotten anyway.
Yay...
143
@Bobn I beg to differ.
China has absorbed the increased tariffs because they pay the tariff. There is an INCOTERM that provides for "DDP" (Delivery Duty Paid), and those terms rose astronomically among trade from China after Trump's "get tough" stance regarding tariffs.
1
@Bobn
"...Totally unnecessary..."
How do you think this agreement was produced?
We have a bureaucracy, China has a bureaucracy on steroids.
To get this agreement, Trump gave up something that he didn't have: a future tariff.
1
The devil will be in the details. Congress has yet to ratify Trump's "deal" with Canada and Mexico. Trump will do anything to accomplish these three things. Please his shrinking base, divert attention away from the impeachment inquiry and be reelected.
84
Yeah! We are really, really, super duper close to almost being able to announce that we have established the parameters for determining the shape of the results of phase 1 of the negotiations for a potential trade deal with China!
11
The market moves hundreds of points every time Trump says anything about a trade deal with China. Someone is making a ton of money with each flip flop. I'm sure this hasn't escaped him and his inner circle. Follow the money and there's sure to be corruption.
38
@David Of course. Insider trading is a crime--and criminality is baked into Trump's DNA.
3
Why is it that I don’t believe anything Trump says?
Despite the hype, seems like we are just going back a step in his unnecessary and damaging trade war, with no substantive concessions by the Chinese. They were buying billions of our agricultural products before the tariffs.
10
@Michael I do believe what he says .
The Chinese are highly skilled negotiators and are masters in letting the pressure build. I suspect that they have conceded very little since they are in for the long game. The news coming from Trump is at best unreliable.
7
The most agricultural trade China has ever done with the USA is 16B, and China agreed in phase 1 to take it to 40-50 Billion in less than 2 yrs. That’s a huge achievement. Plus Trump has an agricultural agreement with Japan. No president has gone out of his way to help the future of agriculture like Trump. And he’s reversing course of what Clinton caused in the 90’s with NAFTA. Pretty amazing he can do all these things with zero Democrat help amid the impeachment sham. Democrats can’t keep up with his campaigning after hours much less the work he puts in during the day. Trump is a machine.
4
@JOSEPH
This is the proof of parallel universes that physicists have been seeking for decades.
12
@JOSEPH
In 2017 China imported $19.5 billion of farm produce. If they import $40 billion in 2 years we are basically back to same levels as before the trade war. Given their own agricultural disaster right now they will probably go a little above the 2017 level or risk serious increases in food prices. They finally gave in and gave us what they wanted.
https://www.reuters.com/article/us-usa-trade-china-agriculture/u-s-farmers-suffer-body-blow-as-china-slams-door-on-farm-purchases-idUSKCN1UV0XJ
6
@JOSEPH
Wow! He’s a stable genius!
Should have stayed w TPP. Too bad.
So Trump is doing nothing to end the ongoing price increases passed on to consumers and adversely affecting manufacturing and small business owners, but will announce a "win" for farmers so they will vote for him. Isn't he thus soliciting help with his reelection from China? How does this "deal" help anyone but Trump voters? How does it foster US aims? This is simply another example of him using his position as president for his personal gain.
7
The important thing to note is that the President is sending the trade envoy to meet Trump. Do you think Trump realizes that this is the President of China expressing an opinion?
1
Anything Trump can call a "deal" he will claim is great, like an agreement to talk further ("Phase One").
The only things of substance that will ever happen will be formal concessions to China that Trump will grant when he gets desperate enough in order to claim he made a deal.
4
Meanwhile, in the Oval Office, the president's advisors were busy clapping Trump on the back and congratulating him for distracting the American public from all the impeachment news.
"See how easy it is," Trump said triumphantly to his admiring staff, "It's all about the art of the deal. Those Democrats don't get it that I'm playing 4D chess while they're playing tiddlywinks. This story'll be plastered all over page 1 in newspapers tomorrow and this whole impeachment scam will be forgotten in a week."
"But, Sir," offered an aide from the back of the room, "the Chinese didn't agree to anything."
The other officials in the room looked contemptuously at the lowly aide. "The rubes voting for the president don't know that, do they?"
10
Is it a coincidence that this trade understanding was reached shortly after the House impeachment proceeding? In any event we knew and certainly the Chinese knew that if tbey waited until election season they would see Trump softening. Looking forward to seeing the details of the intellectual property and forced tech transfer provisions. In China these will be unenforceable. Saving face but not saving patents.
1
So nothing has been signed and details need to be hammered down in the next two months.
Isn't that the same tune we've been hearing since 2017?
25
I’ll believe it when I see the final, signed deal. Otherwise we’ve been down this rutted road of promises and Friday afternoon announcements before.
22
@George S Chinese are stonewalling ... Which is getting to you. It's what they want .
@pas oh it’s not getting to me, rather I get annoyed by the ever changing spin out of the White House and its minions.
1
FYI:
In 2017, China imported 24.1 billion U.S. dollars worth of farm produce from the United States, including soybeans, corn, and wheat, said Han.
Now I do wish framers well, but if I remember from supply and demand, won't this RAISE prices for us?
In any event ... there have been these oral agreements before, only to fall apart when the Chinese write legal and logical documents.
5
"'The banks and all of the financial services companies will be very, very happy with what we’ve been able to get,' Mr. Trump said, adding that the pact would be a 'tremendous thing for banks and financial services companies.'"
Well, thank goodness we've taken care of such vulnerable, innocent victims in all of this trade turmoil. Glad to see the President has his priorities in order.
45
@Joe Blow 7314
Yup, he cost the good ‘ol solid middle class ppl like me big time by cutting
My federal reduction of my real estate taxes. We can’t afford this president!
It's a great deal because China will now buy $50 billion worth of agricultural products? How many billions less than that have they already stopped buying? I think it's much higher than that.
9
I am astonished that markets (and people) react to Trump's breathless pronouncements about his 'successful' trade negotiations with China. His veracity on this and other matters
historically is not comforting.
His sanctions and more sanctions seem the only arrows in his quiver. Over the long run, I doubt that they make China quiver.
This is a humilitating way to deal with China. During this impeachment inquiry, I doubt that President Xi is captivated by his "great and unmatched wisdom," as he is staggered by Ukraine and Kurdish events.
17
@Keith Wheelock i am equally astonished the way markets reacted today. it shows me how moronic wall st actually is, sort of a Lindsey graham approach to trump. he has lied so often, inflating himself, it's stunning people give him any credibility. but, here we are. it's hard to even watch the press conf with mnuchin, possibly the worst treas secty ever. i know 1 thing, if he is involved, this so-called agreement will be a sham. the base won't understand.
3
I've never seen a US President take such a personal interest in agreements and arrangements except Reagan and Russia. By the way, I think Trunp knew exactly what was being done with the Ukraine calls in creating the Biden situation in order to push Biden out and elevate "clean" Warren.
4
I'll believe it when I see it.
tRump has a record of saying things that bear no recognition of the truth.
21
The good news is that we will bail China out from their current agricultural disaster. The bad news is; that's what THEY "sacrificed" to us in these negotiations. Our sacrifice appears to be clear and enforsable language on the issues of currency and intellectual property. Stable genius?
8
Trump made concessions in exchange for agricultural purchases that the Chinese would have made in any case and for symbolic changes in currency management that are unrelated to how currencies are priced on the world market. Some negotiator!
34
Apple? NBA? Facebook? Hollywood? The past 8 years before Trump ?? You cannot be serious.
@Troglotia DuBoeuf " made consessions " how do you know ?
He waived next week's tariff increase but got little of substance in return - other than the agreement that the Chinese would increase agricultural purchasers from US farmers, who's support he can't lose in 2020. They've got to buy it from somebody, so they threw Trump a bone...
All the rest is smoke. Chinese currency manipulation was a fact years ago, but the yuan is (if anything) now overvalued, given slowing economic growth and wholesale capital flight from China. Currency "transparency" here will reveal as much.
And, if Trump thinks that China is going to stop fostering it's indigenous technology and financial industries, he's really, truly, delusional.
In short, this was a PR exercise by a guy in desperate, short term need of a positive headline for his base. We'll see what comes of it. My guess is China will give up little or nothing real, because they play a very long game. They view Trump as (to put it mildly) and unreliable partner, and they want to see this guy on the first train out of office, come 2020.
40
Given Trump's incredible history with lies and hyperbole, I will wait to read the agreement before I either get happy or get dismayed. I fully expect the agreement to be hollow and full of empty and unenforceable promises so Trump can declare victory to his base and ride off towards next years election.
26
@pkincy go ahead and Wait !
This is terrific! Trump solves a crisis he created!
41
@RLE123
"Solves"? Not even remotely.
6
@RLE123 previous inutil presidents created this ...You mean !
@RLE123
Wrong! But that won't stop him from declaring victory.
2
Gee, Trump is so cool. And all in the name of what? Ah, I remember, there is a trade account deficit with China, which means we must be losers, and we can't have that. Umm, I think that we run a trade deficit with about half of our trading partners, so he'd better get to work on those countries too. Did anyone teach Trump about the difference between current accounts, capital accounts, and the overall balance of payments in international transactions? Doesn't matter. He just likes to say things like "they (whomever) are ripping us off," etc. Makes him sound good with his base.
6
'Substantial deal' with little, if any, substance. It sounds like a statement designed to deflect from all the day's news pointing toward impeachment. The testimony of Yovanovitch is going to get considerably greater airtime than trump's latest 'non-deal' with China.
14
What about damage already done to farmers?
12
@Jack Selway They voted for him, and they, of all people, should understand you reap what you sow.
1
Like with NAFTA2 he declare victory without releasing the details. Later we shall see that there is nothing there, except big words. But by then its all old boring news and nobody will pay attention. The markets dropped after the actual "success" had been evaluated by those who know something.
18
I would like to read Mr. Liu He's comments on the details of the agreement.
9
@John I agree. And how desperately sad is it that we trust his words over our president's?
9
When Donald Trump wants some good news he simply makes things up. What Mr. Trump is promoting as a "substantial deal" the article states has not been written yet. Not yet written is pretty much the definition of not substantial.
P. T. Barnum had nothing on Trump. Trump is the ultimate snake oil huckster.
When this deal is written don't be surprised if China comes out on top. They are negotiating from the stronger position, not needing to manufacture good news to draw attention from their leaders criminal activities.
21
@Swift I totally agree. He's like a mediocre salesman who comes back from a meeting with a potential client and says, "it went great! The sale is in the bag." Then after 4 weeks, the deal falls apart.
He's done this sort of thing multiple times. But, I'm still hoping.
1
"Trump to Meet Chinese Envoy Amid Hopes of Trade War Truce."
Trump to give away the store, in exchange for a little dirt on a political adversary, after singlehandedly destroying the Obama economy--
9
Phase One, in which Doris gets her oats!"
5
So Donald caved again because he is afraid of losing the 2020 election. When we see the deal on paper we will know what he gave up to have his photo opt win.
10
Phase one agreed to disagree.
1
We have a long way to go. This sounds like a big nothingburger, like Trump's claim of victory for negotiating NAFTA, when in reality he simply renamed it and achieved little else.
10
So it is true! Trade wars are good and easy to win!
2
I really think Trump is the worst thing to happen to this country in a long time, in this one area, I think he's done a good job.
@Frank Ramsey And he'll be very pleased to know you believe he's done anything at all Frank.
@Frank Ramsey
I think there is little doubt that Trump may end up being worse for this country than anything since the decision to count some people as 3/5 of a person.
Wag the dog presidency. Everything is timed. Take stuff to the edge then back off: "Wow our great and powerful leader has smitten the China trade policy with this mighty mind."
2
I don't believer a word he says. The news is that Trump is trying to divert us from...the news that he is toast. "Phase One". Makes it sound like he has a plan. Donald has not plan, but to divert attention from his complete and utter ineptitude as a competent leader of the free world.
7
Phase 1: “investigate all my critics first and oponents. Phase 2: “no phase 2, until we have phase 1”
2
I’ll believe it when I see it.
4
“We have an agreement on intellectual property,” Mr. Trump said.
Mostly handbags by Ivanka ...
7
Fake news. No deal has been made. Just a way for him to back down without seeming weak.
More lies.
6
Wow. Trump "solves" a problem caused by Trump. Why aren't we all more grateful!?
4
Really!? This after how many small farmers have lost their livelihood? "He" is like a cat toying with a mouse. Makes me sick.
7
I’ll believe it when I see it in print. Until then it’s just another Trump lie.
3
"Trump Announces ‘Phase One’ Trade Deal With China."
In other words: After single-handedly destroying the Obama economy, Trump gives away the store and calls that a win, in exchange for Chinese dirt on a political adversary, as China runs rings around the immoral, dishonest, corrupt, incompetent, rightwing extremist, opportunistic Trumpies--
5
Because Ivanka must have her licensing agreements. Because we must manufacture more MAGA hats for the upcoming elections. Because all the big businesses in the US want the Chinese market.
3
@cl Don't forget those Trump 2020 Banners
https://images.app.goo.gl/vSjCgm3CFHXU3W5h7
So what did Ivanka get out of the deal?
5
At what price?
1
Why should this be true especially in light of the tightening noose around his cronies, cabinet and fellow charlatans. Another attempt to distract.
3
But what will tomorrow bring?
2
Don't believe one word out of the mouth of Trump.
5
Good for Trump.
The Chinese on trade matters are mean, nasty, and unreliable - all the reasons why I despise communism / socialism.
On the issues, I'll be voting for Trump and the complete Republican slate next year.
Trump can be bad, but the Dems are worse.
Dems can be worse?! Who saved the economy after the 2008 recession after being wrecked by a republican; restored our respect in the world and maintained our sense of historical decency? Why none other than No Drama Obama and the Dems.
1
@James Stewart "The Chinese on trade matters are mean, nasty, and unreliable"
But Trump is generous, kind, and trustworthy?
You’re merely highlighting that “communism and socialism” are not the ironclad recipes for weakness and decline so constantly touted by the right.
Your president is being roundly and routinely beaten by a totalitarian regime.
At the beginning of every day, does Trump awaken and ask himself “What can I destroy today?”? And yet, the Republican party slavishly genuflects to him.
If Trump can get any kind of deal at all, no matter how bad, he should call it perfect and leap on the opportunity. Obama set the economy on a good strong course and if Trump will just keep his short, fat fingers off it, the economy can hum along.
I was wondering why the market was moving like it did last night. A few high rollers got a tip. Typical.
3
@Carl Lee Insider Options trading
Looks like somebody caved because of a pending election / impeachment trial...
3
Oh, please. Under enormous pressure at home for his assorted crookeries, the dumbest President we’ve ever had (and that is saying something) pulls a giant panda out of a fedora at just the right moment?
Please. If there’s any deal at all a month fromnow, and I doubt it, it will be because Xi ate Trump ALIVE. Watch: Hizzoner will lie like crazy, and Xi will stand there, gently smiling, thinking about a nice lunch.
5
Is this another tit-for-tat where China answers Trump's call for dirt, and Trump agrees to negotiate, adding a WH meeting as a sweetener?
1
Let me guess. Trump waved a piece of paper from the podium.
5
There is no deal. Why does the Times say there is one?
Never take Trump at his word. Ever.
3
Why would anyone believe anything trump says?
2
NY Times: You’re better than this. Stop serving as the mouthpiece of Trump. He made this grand trade progress about 10 minutes before the markets closed, clearly to move the markets. The headline should have been: Trump Claims “Substantial Phase I Deal” with China, No Details.”
9
I'm sure this will be as productive as his meetings with North Korea.
5
Trump shouldn't be doing anything but packing his bags and getting out of the white house.
3
Oooooh did China agree to investigate Biden?!?
5
Yeah but is he lying?
His MO: cause crisis, get worse deal
3
Sorry folks, China mopped the floor with the Trump style of negotiations and he blinked. You would have to be extremely old and stupid to missunderstand this nothing burger. Trump moved the ball down the field backwards.
2
Ha, ha, ha. Ha, ha. That's funny. Laugh of the day. Ha. What a kidder that man is.
4
It’s fantasy- we had a deal before and China aborted it. They will do what they can to stave off the economic screws because they see blood on the water from an impeachable president.
1
Hey, I want to just focus on 'the Ukraine mess in aisle 6' and Trump decides to change to 'China'—Turkey and Kurdish screw up—and what is the Senate moving on?
1
Fake news...
3
So, once again the "stable genius" rides in to bring relief to those suffering from the consequences of a trade war that he started. Perhaps Mr. Trump really believes that we out here in the hinterlands are too dim to see this latest bigley deal for what it is. In short, the US agrees not to increase tariffs that US companies are already paying in exchange for China buying agricultural goods that it needs. Sort of what would happen if Trump had not screwed up our trade relations to begin with. In his great and unmatched wisdom Mr. Trump has reached a new height of mediocrity, which will be the word that sums up his precidency. Best hurry though, the crops out here are drowning in fields of rain as farmers weigh to either harvest or plow under and take the insurance payout.
3
"Substantial" to Donald Trump is simply a big sounding word to cover a small amount of progress. The Chinese are too smart to enter into any substantial agreement with a man that has become internationally notorious for breaking deals.
2
Additional tariffs against China would have badly damaged the U.S. economy just before Christmas, it's highly doubtful that gave Trump any leverage at all over China so he backed down.
China didn't have do do a thing. The master dealmaker blinked again.
2
That's great assuming he's telling the truth. Of course, it's not supposed to be signed until November. A lot can happen between now and then.
1
Delay, distract, and amplify all little baby step achievements that make it sound monumental though little has been gained at all. A shrewd politician would be embarrassed to sign such a deal but a con man would not be. But the majority of his base has no idea that the wool is being pulled over his eyes and if Trump said he had walked on water would never ask for proof.
2
This should worry Trump supporters.
They secretly know they elected a bumpkin. They see it everyday and with the numbers of his crew that are either in jail or going to jail. And they don’t want to admit it.
Obama never had any of his peeps in jail. Bush was no good as president but had nothing close in terms of legal problems.
That’s ok - everyone has their moment of clarity. If it is not this, it will be something else.
Trump's erratic approach, although outrageous in western standards, is much closer to the way Chinese communist party thinks how all negotiations should be. So Trump will be much more effective dealing with the Chinese government than a properly trained elitist president who is bound by principles, rules, and conventions.
@JW Trump is bound by conventions... his political mob fests... and this will play very well with his base when he rallies them there. After all, they don't have to be either elite or principled to follow him like sheep. Just keep preaching that the wolf is at the door.
Trump is only trying to change the subject. This will not ultimately pan out, any more than his fruitless process with North Korea. I hope the media don't take the bait and shift coverage away from his collapsing house of cards.
19
Yeah, phase one, Trump blinked as usual, Just as with the new NAFTA and the phony Japanese trade deal, the details always prove that he didn't hold tough,
We'll be hearing about all these phases as Trump tries to placate all those hurt by the trade war, farmers, manufacturers and just wait until Christmas and shoppers see the Walmart prices!
9
Trump will probably pull the plug on this agreement sometime early next week. A phased-in deal sounds kind of weak and not the type of victory that he was hoping for in his easy-to-win trade war. He will think about it while tweeting and playing golf on the weekend and realize that if he reneges on the agreement his family and cronies can make some quick cash shorting the market if he gives them a heads up on his plan. Maybe fire Mnuchin and appoint an acting treasury secretary. Someone better looking, right out of central casting.
6
Unclear how any foreign power can trust what this president promises. Trump just needed to stop antagonizing his agricultural base and this is the cover.
Think how much better off we'd be if we'd just stuck with the TPP. The agreements with the rest of Asia would have put even more preasure on China to reform.
We're all just waiting for the next tweet reversing everything anyway.
11
@Malcom Wy there is no reason to believe that indirect pressure from the TPP would spur China to modernize its economy when no combination of direct and indirect pressure has been able to do so.. seems like more “they will open- up as they modernize” speculation. China would still have 500 million ppl in its middle class and wield them like a club.
Chinas behavior is going to get much much worse before it ever gets any better.
See Dave B's comment below
@Malcom Wy Dave B seemingly makes the exact same assumption you make which is that this Indirect pressure would be effective in changing Chinas behavior
TPP established protections for IP, declared limits on forced technology transfers, specifically addressed state interventions in domestic industry and allowed for a dedicated framework for dispute resolution between signatory members. 14 major players in the Pacific region economy would have been a united front against China, all WITHOUT tossing American farmers, industry and consumers into a direct confrontation with one of its largest trading partners.
Now we have a fraction of that agreement with a fraction of the partners. Everything this guy does is gold-wrapped compost sold for five times what it’s worth.
12
Whoa whoa. Did we forget the TPP was giving ultimate power to multinational corporations? The TPP would have been a stronger document than our constitution.
Deflection. His "phase one" will end up being of no substance. He's more of a deal breaker than a deal maker. Less talk, more walk.
5
Pork prices are up 70% this year in China. They have to buy more meat from abroad to compensate. They have always managed their currency, so no great undertakings there. That and a few vague promises on intellectual property and Trump caves.
4
I remember a time when some mid level US govt officials could conclude such moderate sized deals without fanfare. Now we have POTUS and weeks of tweeting to generate hype over a deal that merely restored part of status quo. Wake me up when China agrees to new IP concessions!
23
I'll wait until the ink is dry on an agreement, Trump has announced amazing breakthroughs with North Korea, with a number of other things, and then amazingly, it falls apart. Saying things like "China has agreed to concessions with its currency" or "they have agreed with forced technology transfer" is meaningless, until A)they actually agree to them on paper and sign them and B) when they find out China is violating them, something is actively done about it.
What this sounds to me personally is returning to the status quo ante, where China buys US agricultural products, to buy off the farmers, while China other promises 'reforms" that mean nothing. The Chinese are famous for saying 'Yes' when they mean no, and Trump to be honest doesn't care. Like the Chinese, he can come out of this claiming victory, while likely changing very little. Trump's base won't care, the farmers will be happy after 28 billion in bribes and selling stuff, and Fox News nation will believe that this means the 1950's are coming back , factories are gonna save their town, etc.
31
Yeah, I’m gonna take a pass on running up to kick this particular football, too. Kinda seen this show before.
5
So the substance includes 1) Limiting China’s currency manipulation, and 2) China buying more agricultural goods.
1) China intervened to keep its currency from dropping, not rising. So we want them to allow their currency to be less expensive?
2) This has been China’s largest source of leverage. With massive tariffs still in effect, why on earth would China give this up?
Details, details.
3
Had to back down and announce a huge deal so he could brag about it to his base--why on earth would that be necessary now?
18
Unless the talks completely collapse, Trump will declare a beautiful victory that his followers will blindly accept and laude his unmatched and great wisdom in achieving it.
26
@Rudy Ludeke
This "smoke screen" is SO typical of Trump, that it is difficult to comprehend HOW it continues to gain *any traction ! It has become Trump's Trademark, which he has *just repeated on selling out the Kurds !
Trump CREATES the problem, and then Trump comes rushing in to SOLVE the problem so he can be a "HERO".
Trump sells out the Kurds during a phone call with the President of Turkey during the night. The NEXT MORNING Trump is talking about how the Turkish Invasion was a "bad idea" on the part of Turkey, and then Trump threatens economic "pain" on Turkey (which will *never, of course, materialize) !
Trump *STARTED the Trade War with China, almost ruining U.S. Agriculture which he prevented by sending U.S. Farmers MILLIONS in compensatory "relief" paid on the U.S. Taxpayer's dime, and now Trump has seized "concessions" from China to agree on buying U.S. Agriculture Products ?
Trump is a *one-trick-pony with this same old shadow game of CREATING problems which he later "rides in like a white knight, pretending to CONQUER !
Trump is *as predictable as Lucy with the Football !
I can't believe how many of the public are *still Charlie Brown in their TRUST of Trump's same old sandbagging scheme !
7
At this point, trusting Trump is absurd. I’ll consider what to believe when it is in writing, signed by all parties, ratified by all needed parties, and by its own terms fully binding on all parties. It will be interesting to see whether either party can terminate it on the happening of certain events. What we will not see is whether China has agreed to investigate Biden.
19
Trump has to do something to take the heat off. An agreement may push the impeachment hearings off the top of the page for a day or two, but it will not change anything. The damage to U.S. farmers and manufacturers has already been done. Trump will claim victory and that he solved a big problem - one that he caused in the first place.
17
But sadly, it’s likely that the same farmers and manufacturers that have been suffering under his policies will continue to support him for it.
7
@Jeff - "There are none so blind...." as Trump's support base!
1
Relief? Feels to me like he is manipulating the stock market and public opinion. Whatever was agreed to is just a headline until it actually happens.
61
Would be interesting to hear more about the counter part of the deal.
What were China’s requests/ demands?
Anyway, I agree to the weak position the Trump gov is negotiating from. They need a few wins before Christmas, if you can call this a win.
4
An arsonist starts a fire.
Once a crowd gathers, he rushes in and puts out the fire he started, and pretends that he is the hero who saved every one from the fire.
Trump started the Trade War.
China has been around for five thousand years, and they are not afraid of tiny little Donnie.
Now that Trump has finally realized that Xi is not going to blink or back down, he's desperately caving in to China's demands, but pretending that he's saving every one with a "substantial deal".
Gee, what a hero.
And just in time for his followers, to do their Christmas shopping.
86
Chinese workers should be allowed to travel Stateside to fenced in container port city zones that house container stores to buy back the merchandise they have sold to the US before it reaches distribution. It's similar to China, promotes tourism and capitalism and the Chinese travelers can go on around the world or return home aboard to trade back things with themselves on the way.
Funny, when this was announced the stock market dropped. It finished up for the day, but the Dow lost about 100+ points. Why? We have been here before, only to see our "president" back out. or change his mind.
Considering what is going on with the impeachment investigation, if the House applies more pressure;, rest assured our "president" will go back on his word with China.
Of course, the more ominous sign is that China agreed to interfere in the 2020 election, which resulted in a so called "detente" in the trade war.
We now know anything our so called "president" says or does is a lie, or something that benefits him personally.
12
So basically they came up with a framework to create a plan to possibly ink a trade deal. What could possibly go wrong with that brilliant scheme? Bottom line: Trump needed a face-saving subterfuge to keep financial markets up and slow down the fast train to his impeachment. China needed a way to kick the can down the road while avoiding new tariffs as they await a bigger and better deal from Elizabeth Warren. Art of the Deal indeed!
21
"But it will provide welcome relief to businesses, farmers, investors and others who have suffered financially from a bitter trade dispute that has dragged on for more than a year."
1. It cannot provide relief until it is signed and executed.
2. It has not been signed and executed.
3. There is no Chinese confirmation of an agreement.
4. Not raising tariffs further provides no relief for industries suffering from tariffs today.
5. This is a whole lotta sizzle, and I do not see any reason to believe that there is steak.
119
@Putinski
Steak? Consider the failed Trump Steaks, along with Trump Water, Trump Bedding, Trump Airline, Trump University, yada yada. The man negotiates himself into bankruptcy, impeachment investigations, lawsuits.....
No USDA #1 Beef is coming!
1
Thirteen rounds of negotiation for a "Phase 1" agreement? How many terms will he need to get this project done?
7
After the events that's have unfolded in the past few weeks, it is clear that the American people cannot trust Trump to negotiate in our best interests.
Any deal that comes out of these negotiations must be blocked by Congress until it can prove there is no conflicts of interest and that it serves the American people first, not the president.
3
@Lady Edith
As many as it takes to complete the Con !
2
There's no such thing as "positive momentum" on trade talks. It's not like a ceasefire agreement where, presumably, both sides are interested in a lasting peace. Signing a trade deal effectively ends the standoff. One party may restart the trade war later but the other party will not welcome it as any kind of next step. Instead, they are very likely going to complain that they already had an agreement to which the other evidently negotiated in bad faith.
6
Between the billions in subsidies to farmers and the cost US consumers are paying for Trump's "tariff game", does anyone really know how much this is costing us?
51
Why is taxpayer money given to predominantly white farmers and agri-corps called "subsidies", while taxpayer money given to predominantly black inner-city mothers and their families invariably maligned as "hand-outs"?
2
I'll believe this only after there is hard proof trump isn't lying and he can't go back on his word. It wouldn't be the first time, which is why everyone should be sceptical of his claim.
20
"While the president and his advisers maintain that the trade war is having a limited impact on the economy..."
I'm not sure who Trump is referring to, but the tariff on Chinese steel has cost my small family business $55,000 this year, just in steel purchases.
84
@Panthiest The Chinese Tariffs are slowly killing our family business too. We buy a product that starts it's life in India, is processed and packaged in China and sold to Hair Stylists and Salons all over the USA. We have Instructors all over the USA to teach our Classes and all we've seen is our price skyrocketed and our customers are very unhappy.
12
And what are the benefits for the United States? Will the Chinese purchase of billions of dollars worth of agricultural products atone for Trump's massaging the farm vote with 28 billion taxpayer dollars to keep this segment of the economy still voting for him?
29
Call it the 'Wag the Dog' deal. He needed something to distract from the impeachment inquiry. He signed a small deal with the promise of more. This works for him.....and frankly, the right way to proceed. A broken clock is right twice a day.
9
So basically back to where we were before the tariffs, only with substantially less ag sales.
92
@Bruce Thiel
No, we still have the tariff levels that we have today with his stage 1 “deal”.
2
The President really needed some good news right now--which is an awfully weak negotiating position to be in. No doubt the Chinese negotiators took full advantage.
69
I wonder what "some provisions on intellectual property, including forced technology transfer" will turn out to be in reality.
23
@MD In those kind of things the wording is of the utmost importance...We have to see the legal text !
1
That's great. I don't believe him. My prediction is that China will respond, trade deal, what? So let's wait until we hear from both sides in the negotiation. Hope I'm wrong.
131
@RichardL
When is the press going to stop acting as the mouthpiece of Trump, who is a proven liar?
9
Trump said . . must not be true. Trump also needs to find a way out of his easy to win trade war. So a Phase 1 probably means they have agreed they would like to find a solution but no solution has yet been agreed to. I refer the gentlemen to Trump's work with North Korea.
127
@Tom
That's not "work" , that's a love affair ....with such beautiful letters. Would Trump Lie ?
I will be the first in line to applaud Trump for a decent trade deal with China. I know he's hoping this will help him get re-elected. so let me also say: I'll still be the first in line to vote for anyone running against him, as long as they have a "D" after their name.
121
@Down62 It sounds like more a less a return to the status quo, but because it's a change, he can claim a big victory. Like most "problems" Trump sets out to "fix," he's the sole cause. And, SURPRISE, he's the only one who can fix it.
20
@Down62
" I will be the first in line to applaud Trump for a decent trade deal with China "
Don't hold yer breath . It aint never gonna happen . But then again I get the distinct feeling you're being sarcastic .. so ....
As for voting " D" regardless of who's name proceeds it ? On that .. we are in complete agreement
9
@Down62
Like with everything else Trump put himself in the corner, with no way out other than alternative universe.
He will eventually sign something that has little change over the last agreements. Just like NAFTA-2.
4
What is the explanation for the swings in the markets every time there is merely a hint at a policy change with China, a rumor of a meeting with China or an actual meeting? It has been a series of fake-outs and disappointments, yet the pattern continues. One may wonder, who is making money every time there is a new tweet about it or rumor of possible results, and if there a journalistic investigation as to this question?
314
@DeeDee B
Trump alleged this “progress” 10 minutes before the markets closed, and the press ran with it, no question mark attached. Inexplicable given Trump’s distant relationship with the truth. I guess the press is now just the press agent for, or stenographer of, the White House. Depressing!
33
@MMEsq I also looked at the clock when the news came out and was surprised--but not really--that he'd be so blatant about it.
9
@DeeDee B
Donny has a few friends who get a heads up before each tweet. They make billions.
10
Trump and his lackeys will betray the country once again. The negotiators are likely trying to figure out how they can get board positions or equivalent on the boards of Chinese companies and how many licensing agreements the president can get in China.
30
So, if and when there is a denouement to this latest with China, is Don expecting that the multitudes will cheer? And decide that, yes sir, only he can save us so he gets the vote? And will stupidly ignore the very huge fact - no fake - that HE caused the problem, the disaster, in the first place?
Given what we have seen over and over, yes.
His MO: Go in and make trouble, smooth over trouble, claim victory, expect and, actually, demand adulation for being a stable genius leader.
Does he know we are totally onto this scam?
200
Yes, this is the typical Trump scam where he causes a mess, fixes it only halfway, then claims victory. But the problem is, we as a nation are not yet “onto” his scam. There are far too many people in this country who believe his Faux News propaganda and fall for anything he says or does.
19
@Dave M troops to the Saudis because they are now worried about trouble
At his Minnesota rally he claimed that pulling the 1000 troops out of Syria and abandoning the Kurds is a victory and then turned around and sent 2000 troops to the Saudis because they are now worried about trouble increasing in the Middle East. So now we send troops to defend the Saudis when it was mostly their citizens that attacked us on 9/11. Go figure!
21
@Berkeley Bee
Kind of like the Fuller Brush salesman.
4
Trump will make concessions while receiving some face-saving gestures that are not significant for either country, similar to NAFTA outcome. China will have "won" the trade skirmish once again. At the cost of 18 months economic chaos and loss of production in the agricultural, service and manufacturing sectors, this has been another indulgence of Trump's ego with real costs to our citizens and economy.
101
The US is now "subsidizing" the farm industry.
75
@dr. c.c. -- We have always subsidized the farming (Agro-Business) industry, and the oil industry, and the pharma industry--subsidizing every wealthy industry BUT the PEOPLE, who need health care, education, food and shelter, equal justice, etc. We should stop that.
255
@ChesBay
Funny how it's always "entitlements" when it comes to the folks who need help. But it's always "subsidies" to the companies who need help the least.
23
@dr. c.c.
Thats old news son ... as in decades old news .
Here's a partial of the top industries that have been subsidized by the US tax payer for decades in approximate order ;
1) At the top o' the pops .. the Coal , Oil & Gas Industry
2) Running a very close second and occasionally number one . The Arms Industry ( both ' civilian' and military )
3) The Farm industry ( mainly AgraBusiness with the family farmer being left to fend for his/her self )
4) The Big Pharma Industry . So yes grasshopper ... your tax dollars have gone a long way towards fueling the opioid epidemic
5) The Auto Industry .. specifically the remaining Big Two with FCA still receiving a fair amount of government subsidies despite being an Italian owned company
6) The Financial / Banking Industry
7) A large chunk of the Tech industry ( with Google as the largest recipient )
etc etc - et al - ad nauseam
And that's only the top of the list of Corporate Welfare being handed out left and right paid for by the US tax payer
12
Reading on all right wing news sites that Trump has forced Chinese company to give up rights to site on Port of Long Beach, but also, that this will now stamp US imprimature on the merger of two chinese companies to create hugest shipping country in the world..What is the truth? No mention in this article!
@grace thorsen Very EZ, if the source is a Right Wing News site, than we absolutely know it is a lie. Did that help?
3
Can’t tell what you mean. I found the story on Fox, way down the list, and it mentioned even less than this NYT article, and certainly nothing about Long Beach or a merger
https://www.foxbusiness.com/politics/us-china-reach-partial-trade-deal-reports
PS; As one of my favorite examples when it comes to China's domination of the US market
Err ... you know that new Chevy/GMC/Cadillac full size P/U or SUV your neighbor / co worker / friends just purchased ?
80% of its content were manufactured in China ( including the drivetrain ) and then assembled ( usually partially ) in the US CDN or Mexico