Phil Hogan, the EU trade commissioner, has criticised the US-China “phase one” trade deal for offering limited economic benefits, suggesting it was mainly a political act by Donald Trump to win re-election.
“Let’s look at the detail of what that has actually achieved, we still have 20 per cent tariffs on both sides. This is not going to be good for competitiveness or jobs, which is a desired objective of President Trump,” Mr Hogan said in a speech in Washington on Thursday. “In the short term, it might work between now and November . . .[as a] politician, I understand the way it works.”
Mr Hogan’s dismissal of the trade truce reached by Washington and Beijing and signed with great fanfare at the White House on Wednesday reflects the mixed reception the agreement has received from the two countries’ major trading partners.