In January, U.S. President Donald Trump finally signed Phase One of the trade deal with China after nearly two years of back and forth negotiating.
At the time, Trump called it “the biggest deal anybody has ever seen.”
“The greatest impact may well be on American agriculture,” Vice President Mike Pence said at the signing. “Some $40- to $50 billion in purchases secured in this deal that will result in greater prosperity for farmers all across the land.”
Last week, Trump threw a wrench in the trade deal when he announced he would take steps to revoke Hong Kong’s favored trade status with the U.S. after China’s parliament passed a law essentially banning protests in Hong Kong.
“I am directing my administration to begin the process of eliminating policy exemptions that give Hong Kong different and special treatment,” Trump said.
“My announcement today will affect the full range of agreements that we have with Hong Kong, from our extradition treaty, to our export controls and…