Phase One of US-China deal signed; the power tussle continues

IT is telling when Global Times, China's uber-nationalist news outlet, said this following the signing of the US-China phase one trade deal : "Debating about who had lost or gained is shallow. Such debates are often exaggerated for certain political goals."

Indeed, it's true that an agreement can be read one way or another to score political points. At the same time, it is also clear on any impartial reading of the document that, on this round of the negotiations at least, it was Beijing that yielded on most counts.

US President Donald Trump has demonstrated that he holds the whip hand. US commercial and legal standards are affirmed as the norm and the Chinese have submitted to raising their standards to America's. So, Beijing will tighten intellectual property laws and open up its financial sector to US firms.