The US-China trade war has been put on hold, with both sides claiming an early victory.
A week of high-level talks in the United States resulted in the Trump administration dialing back its threats of wide-ranging tariffs. The move comes days after President Trump called on the Commerce Department to ease penalties on Chinese telecom ZTE, which was faced with bankruptcy after a ban on buying US components.
It’s obvious what China gets here: a reprieve from a damaging US-initiated trade war and a chance to enter into open-ended negotiations, all without having to cross (or even approach) any of its negotiating red lines. What the United States gets out of the deal is far less obvious, a fact that has many of the hardliners in President Trump’s administration – and voter base – up in arms over what they view as an unforced capitulation from their tough-talking leader.