What the US and China really mean when they say the trade war is off

The US and China have called a ceasefire—or perhaps even struck a peace deal—in their trade hostilities. It all depends whom you ask.

On Saturday (May 19), the world’s two largest economies said in a joint statement that China will increase its purchase of American goods and services in order to reduce the US’s gigantic $375 billion trade deficit with it. The deficit with China has been a major focus of Donald Trump’s since his campaign. Both countries are holding off on imposing...

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