Time for a trade-war truce
China’s Vice Premier and lead trade negotiator, Liu He travelled to Washington D.C. this week, to sign what has been heralded as a ‘Phase One’ trade deal that aims to redress points of friction in US-China trade.
Given the international nature of supply chains, 18 months of the application of tit-for-tat tariffs and wider trade sanctions between the world’s two largest economies has not been good for British business, or the wider global business community as whole. Indeed, the CBI noted how countries most exposed to US-China trade generally experienced downward revisions in terms of growth targets over the course of 2019, as the IMF downgraded the global forecast to just 3%, rising to 3.4% in 2020. Irrespective of analysts’ opinions on the extent to which the Phase One deal stands as a meaningful effort to address the mutually perceived shortcomings that exist in US-China trade, the announ