Opinion | Trump’s ‘historic’ trade deal with China is a poor bargain for US businesses and consumers

The trade world waited with bated breath as the December 15 deadline for a deal between the United States and China approached. US tariffs were set to increase yet again on Chinese goods. China would certainly retaliate. Stock markets hovered in anticipation. If the two largest global economies could get trade back on track, then the business world could finally get back to business. A win-win all around.

Two days before the deadline, the Trump administration claimed success, announcing a wide-ranging deal covering intellectual property, technology transfer, agriculture, financial services, currency, trade expansion and dispute resolution. There were scant details.

China, too, announced that a deal was imminent — without explaining much. The markets yawned and drifted sideways, unimpressed with this latest round of well-tuned talking points.

Take the dispute resolution component of the deal. The fact sheet from the Office of the United States Trade Representative (USTR) described the creation of “regular bilateral consultations at both the principal and working level”.