An article in the December 2018 review published by two Chinese academics indicated that, in the worst-case trade war, China would suffer a 1.1% decline in employment and a loss of 1% of GDP, which they said would be negligible but manageable for China.  Another paper published by Chinese academics in February 2018 also concluded that the United States would suffer significant social losses as a result of the trade war, but that China could easily lose or gain depending on the impact of the trade war on the trade balance between the United States and China.  Chinese business advisors say that the slowdown in both economies due to coronavirus demountment barriers has made it difficult to meet purchasing targets, but they do not expect the White House to leave. Trade experts said there was little political benefit for U.S. President Donald Trump to abandon the deal at the time, which would admit that one of his biggest trade initiatives – already hammered by Democratic rival Joe Biden – had failed. Wednesday`s partial ceasefire could restore some confidence and Chinese purchases will help some sectors of the U.S. economy, but the pact preserves the bulk of tariffs on $360 billion worth of goods from China. Administration officials have said they will not lift these rights until countries can agree to a phase 2 agreement. Longer tensions in relations could prompt U.S. companies to spend less in China and vice versa. The mayors of Davenport and Saint-Gabriel, who represented cities heavily dependent on agriculture, expressed their fear that the trade war would have on their cities.  Both sides declared a ceasefire in the trade war at an artistic signing ceremony at the White House, attended by President Trump and Chinese Vice Premier Lia H鹤, the eleventh member of China`s leaders. Although the full text of the agreement has not been released, according to China`s reports, the agreement commits to purchase an additional $200 billion of U.S.
products over two years above the 2017 level. The text of the agreement, which has been published, shows that China is committed to protecting American intellectual property, ending forced transfers of technology and not using currency devaluation as a trade weapon.