With U.S. President Donald Trump's tariffs exacting considerable pain on China, news Friday of a "very substantial phase one deal" on trade seemed a moment to pop the champagne corks.
It is grand, for example, that China, Trump claims, will buy between $40 billion and $50 billion of U.S. farm products. Great, too, that his White House will not proceed with next week's increase in taxes on $250 billion of Chinese to 30% from 25%.
