China trade deal is a win for Trump, but...

The ground is set for the United States and China’s trade agreement Wednesday. This “phase one” of an intended two-phase deal is a win for President Trump, but one that China will work hard to undermine in the near future.

This deal is still worth signing, as is reflected by renewed market confidence alongside the deal’s conclusion. Trump has put realism rather than populism front and center in his economic policy. While more hawkish trade envoys in the Trump administration wanted more here, the agreement reflects what’s possible and preferable now. China has pledged to increase its purchases of U.S. goods and services by $200 billion over the next two years; in return, U.S. tariff rates will go down, and new tariffs will be suspended.