U.S.-China Trade Agreement Overview: Key Terms, Impact, and Future Outlook (August 2024)
On August 2, 2024, the United States and China finalized a significant trade agreement, marking a major step towards resolving long-standing trade disputes. The deal includes tariff reductions, enhanced intellectual property protections, increased market access, and commitments on currency transparency and environmental standards. This agreement is poised to stabilize global markets, improve supply chains, and potentially shift trade dynamics. While it represents progress in U.S.-China relations, its long-term success will hinge on effective implementation and ongoing geopolitical considerations.