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It’s too early to tell yet if the Phase One trade deal announced Friday by the U.S. and China is a good deal for America, because the text of the agreement hasn’t yet been made public.

However, the muted tone from the Chinese side in discussing the deal has already cast a shadow of doubt on the effectiveness of this limited agreement.

U.S. and Chinese officials said the Phase One trade deal will result in China buying more American agriculture products, and the U.S. rolling back some tariffs on goods imported from China.

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According to U.S. Trade Representative Robert Lighthizer, China also made commitments on issues related to intellectual property rights, although he wouldn’t go into detail what those commitments are.

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At a news briefing in China, Chinese officials confirmed that the text of the agreement covers topics including intellectual property rights, technology transfers, food and agricultural products, and dispute settlement. However, they only emphasized that the U.S. would remove a number of tariffs, without mentioning any commitments that China had made.

It’s important to keep in mind that the U.S.-China trade war isn’t about the trade alone. If it was solely about the trade deficit and America’s desire to sell more material goods to China, the trade dispute would have been resolved a long time ago.

President Richard Nixon visited China in 1972 and established diplomatic relations with the communist nation. Back then, China’s gross domestic product per capita was less than $200. Fast-forward to this year, and that number is expected to be $16,800 – a stunning increase.

The global poverty rate has been cut in half since 1981, largely because of China’s impressive economic growth.

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