The U.S. and China signed the first phase of a broader trade pact recently. The deal commits China to do more to crack down on the theft of American technology and corporate secrets by its companies and state entities, while outlining a $200 billion spending spree to try to close its trade imbalance with the U.S. It also binds Beijing to avoiding currency manipulation to gain an advantage and includes an enforcement system to ensure promises are kept. Meanwhile, the U.S. will maintain tariffs on roughly two-thirds of imports from China, something that President Trump said was essential as leverage over China until it agreed to further reforms. Who benefits most - the world economy, the US, China or developing economies?
It's hard to give a firm answer here, but regardless of specific benefit or outcome, it's important to see this agreement as being of significant symbolic value.
I agree with Lisa Toohey that it is hard to give a definite answer. It depends on the specific issues and contexts. Here is a paper of mine on the Phase One agreement if it is relevant https://www.researchgate.net/publication/341883634_Selective_Engagement_Future_Path_for_US-China_Economic_Relations_and_Its_Implications
It is difficult to see that anyone benefits. Ultimately the trade tariffs are paid by the consumers of the nation imposing them who pay higher prices for the imported goods so the US will not benefit. They operate as an inhibitor of trade so Chinese manufacturers do not benefit. Their effect is dependent on the balance of market supply and demand at any given time. It would be very surprising (to use a hypothetical example) if the US placed a tariff on a Chinese developed vaccination against COVID-19.
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