January 12, 2020

The Hill Quotes Jeff Weiss on Phase 2 of the China Trade Deal

2 min

On January 12, 2020, Jeff Weiss was quoted in The Hill about the impact of the China trade deal. According to the article, businesses are concerned that President Trump's "Phase 1" China trade deal, set to be signed on Wednesday, will not be followed by a more substantial Phase 2, leaving a slew of tariffs in place for at least another year.

The Phase 1 deal is expected to provide relief for farmers. While that will give much-needed relief, critics say it's not enough. Many of the tough tariffs that Trump put in place to pressure China to negotiate a deal in the first place remain in place, raising prices on imports. So are most of the retaliatory tariffs China has imposed on American products.

One reason business groups have been less enthusiastic than Trump about the deal is that the White House still hasn't released the agreement text. "We haven't seen it yet, so that makes it difficult to state definitively," said Weiss.

Without the text, whether China will be putting the force of law behind agreements on certain intellectual property provisions, non-tariff trade barriers, and financial markets remains an open question. "We won't know until we see it, and whether they will make those changes to their law and enforce them," said Weiss.