Daily Memo: A Cease-fire in the Trade War, A Departure from OPEC

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GPF Staff |December 3, 2018

A cease-fire in the trade war. The meeting yesterday between presidents Donald Trump and Xi Jinping lived up to the hype. The most notable topic of discussion was the U.S. decision to delay the escalation of tariffs on $200 billion worth of Chinese products for 90 days – tariffs were due to jump from 10 percent to 25 percent on Jan. 1. In return, China agreed to import more U.S. products, including the immediate purchase of agricultural products, to reduce the trade imbalance between the countries. (That’s the White House’s version, anyway. The Chinese government simply said that China would import more U.S. products but made no mention of agricultural goods.) Both sides walked away from the deal claiming success, spinning the summit to appease their respective bases, securing political support and, of course, taking credit for it.

Now comes the hard part. Washington has said that if the U.S. and China don’t reach a broader deal by April it will move forward with more puniti

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