The events of the last week have crowded out reflection on economic policy. But things have been happening. Wilbur Ross, the US commerce secretary, described the trade deal reached with China earlier this month as “pretty much a Herculean accomplishment….This is more than has been done in the history of US-China relations on trade.”
Past a certain point, exaggeration and hype become dishonesty and deception. In economic policy, as in almost everything else, the Trump Administration is way past that point. The trade deal is a “nothing burger” that a serious administration committed to helping American workers would likely not have accepted, and surely would not have hyped.
On agriculture, China reiterated a promise that it has broken in the past to let in more beef. Previously, the US, as reciprocity, had been withholding publication of a permissive rule on Chinese poultry. Now we have relented. Advantage: China.