While the market has celebrated the signing of the phase one trade deal with China, a closer look at the details of the deal suggest that this agreement represented a major change in trade policy and one that the market may not be celebrating in the years to come. The deal potentially increases market volatility and sets the world up for greater global trade tensions down the road. In this Economics Weekly we discuss this fundamental change in trade policy and its potential implications on the global economy.
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Richard de Chazal, CFA is a London-based macroeconomist covering the U.S. economy and financial markets.