The Government announced that it would address some of these changes during Phase 2 of the negotiations and that it would partially retain the tariffs in order to maintain the leverage of the next roundtable. Trump said he would remove all tariffs if the two sides reach an agreement on the next phase. Regarding energy purchases in the deal, Trump senatorially said Joni Ernst, the Republican from Iowa, who was present: « You have ethanol, so you can`t complain. » Economists at financial firm Morgan Stanley said they were uncertain about the end of the trade war, but warned in June 2019 that it could lead to a recession.  This PIIE chart, originally released on May 18, 2020, tracks monthly purchases of U.S. products from China covered by the U.S.-China Phase One Agreement. After the December 2019 agreement on the first phase of a trade deal, Mary E. Lovely, of the Peterson Institute for International Economics and a professor at Syracuse University, said the ceasefire was « good news » for the U.S. economy and said she was optimistic that the talks would help combat China`s « unfair » intellectual property practices.   Due to the pandemic, signing the agreement on Sunday was unusual, with separate ceremonies in each of the 15 member countries, all linked together by video. Each country`s trade minister would alternately sign a separate copy of the pact, while his or her head of state or government would stand nearby and watch.
10. Jennifer A. Dlouhy, Shawn Donnan, and Nick Wadhams, « Big Oil Warned Trump China Trade Deal Was Unrealistic Team, » Bloomberg, February 12, 2020. A May 2019 article by Howard Gleckman of the Tax Policy Center argued that the effects of the trade war would eliminate « most or all » of the benefits of the Cuts and Jobs Act for low- and middle-income households.   A November 2019 Financial Times article indicated that the trade war since August 2019 has hit U.S. producers harder than China.  [to be updated] The agricultural chapter addresses structural barriers to trade and will support a dramatic expansion of U.S. food, agriculture, and seafood exports, increase incomes from U.S. farms and fisheries, generate more rural activity, and boost job growth. A large number of non-tariff barriers to U.S.
agriculture and seafood products are addressed, including meat and poultry, seafood, rice, dairy products, infant formula, horticultural products, animal feed and feed additives, pet food, and agricultural biotechnology products. Overall, U.S. energy exports performed the worst in all three categories, with less than 40% of previous annual targets (Figure 4). (Exports of all energy products covered were above their 2017 level, as the U.S. was not a major exporter of energy products to China in the past.) Preventing exports from meeting the target is the fact that commitments are measured in dollars and not in volume (e.g. B barrels of oil). . . . . . .