Trade Negotiations: US Agrees to A Farm Package, Not Trade Deal with China

After 18 months of negotiations, the trade talks ended with the US achieving very little. It is wrong to call this a "trade" deal, let alone a "substantial " one since the focus, almost exclusively, of the Trump Administration has been to reduce the trade imbalance and the agreement on farm purchases accomplishes little. It is also wrong to call it a trade "truce" since outstanding tariffs are still in place and future tariffs have not been rescinded. As such, Phase 1 of trade talks ended with many issues unsettled, leaving businesses and investors unsure on what lies ahead.

According to press reports, China has agreed to increase its purchases of US farm products up to $40 to $50 billion, although no timeline was offered. The US agreed to postpone a planned increase in tariffs scheduled to take effect on October 15, but let stand existing tariffs and did not remove the planned tariffs to take effect in December. Both sides agree to establish new rules to prevent currency manipulation (although the US designation of China as a currency manipulator still stands). Finally, it is reported that "progress" (no details) was made on intellectual property protection.

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