The agreement stops the trade war, and seems to open more Chinese markets and commit Beijing to buy $ 200 billion in US agricultural, automotive, manufacturing and aviation products. And Trump will maintain many tariffs on Chinese imports.
He won a political victory by polishing his mythology as a negotiator and confronting China. So what happens if this agreement, like others that renegotiated with Canada, Mexico and South Korea, does not change much? Trump will announce it in the campaign and ignore the reality that it is not really so good at closing political agreements.
No one thinks that this agreement is a permanent peace. By reaching the old tariff coup, the United States may have accelerated the collapse of the global free trade consensus. It also went from almost 50 years of trying to encourage and manage the rise of China, to a total confrontation: China and the United States may have crossed a threshold that could cause them to begin decoupling their economies and supply chains, a process that could trigger global shock waves.