President Trump held tough in the face of massive opposition in his own party while the Democrats say by silently realizing getting tough with China was in America’s best interests but was politically risky.
So the establishment, who made a mess of the world’s trade situation and absolutely got rolled by Communist China, sat cowardly in a corner and took shots at Trump from the cheap seats as the trade war dragged on.
But today they all have egg on their various smug faces because Trump just announced a partial trade deal with China
“We’ve come to a very substantial phase one deal,” President Donald Trump said to reporters in the Oval Office.
Now, this deal is just phase one but making any deal is great news for both the consumers and the markets.
This is a great development as it shows that you can stand up to China and get positive results, something Hollywood, the NBA and darn near every corporation in the west should learn from.
Now, the Democrats have a tough choice – give Trump a massive win as they must approve any trade deal, or commit political suicide and block the deal.
Either way, they are politically doomed.
The U.S. and China reached a partial agreement Friday that would broker a truce in the trade war and lay the groundwork for a broader deal that Presidents Donald Trump and Xi Jinping could sign later this year, according to people familiar with the matter.
As part of the deal, China would agree to some agricultural concessions and the U.S. would provide some tariff relief. The pact is tentative and subject to change as Trump prepares to sit down with China’s Vice Premier Liu He later Friday.
The deal under discussion, which is subject to Trump’s approval, would suspend a planned tariff increase for Oct. 15. It also may delay — or call off — levies scheduled to take effect in mid-December. Such an agreement would be the first breakthrough in the 18-month trade war that has hurt the economies of both nations.
Stocks jumped Friday after the news. Equities had advanced globally earlier in the day amid growing conviction that the U.S. and China would negotiate a trade truce. Trump tweeted earlier Friday that “good things” were happening in the two days of meetings — and that if the countries did reach an agreement, he would be able to sign it without a lengthy congressional approval process.
Senator Ronald Wyden, the ranking Democrat on the Finance Committee that has jurisdiction over trade policy, pushed back on Trump’s tweet in a statement Friday to Bloomberg News: “Donald Trump should know that any meaningful trade deal is only legitimate because of the authority granted to him by Congress, and that authority can be taken away,” he said.