White House economic adviser Peter Navarro told Fox Business Network that the “good news” about US-China trade deal phase one is that “it adopted virtually the entire chapter in the deal last May that they reneged on for IP”. Hence, “practically it means, if they steal our IP we’ll be able to take retaliatory action without them retaliating.”
Separately, it’s reported that China aims to buy at least USD 20B of American farm products in the first year, as part of the phase one deal. That would bring purchases back to the level in 2017, before trade war began. In the second year of a final deal, purchases could rise further to USD 40B-50B, when all punitive tariffs are removed.
