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Cramer says ‘tariffs worked,’ Trump’s strategy forced China to agree to a trade deal

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tariffs-worked-says-jim-cramer-praising-trump-on-china-trade-deal.html

Matthew J. Belvedere

Jan. 15 2020

CNBC’s Jim Cramer said Wednesday that “tariffs worked” as a means to prod China to agree to a phase one trade deal with the United States.

“I keep wondering when people are going to recognize that it is historic that tariffs did succeed,” Cramer said on “Squawk on the Street,” shortly before U.S. and Chinese officials were set to sign the initial trade agreement at the White House later in the morning.

“Tariffs were not supposed to work,” said Cramer, who has all along been a supporter of President Donald Trump’s hard line approach towards China.

“The Chinese were supposed to be able to get around them. It didn’t happen,” the “Mad Money” host added. “The Chinese were kind of accepting that they had to get something in order to keep the American market.”

The centerpiece of the initial trade deal is a pledge by China to purchase an additional $200 billion worth of U.S. goods.

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Trump signs ‘phase one’ trade deal with China as they push to stop economic conflict

1/15/20

President Donald Trump signed a partial trade deal with China on Wednesday as the world’s two largest economies try to contain an economic struggle.

Through the deal, the Trump administration aims to resolve some longstanding American concerns about Chinese trade abuses. However, the accord appears to leave questions about how Washington and Beijing will enforce its terms and prevent further tensions.

The deal takes steps to root out several practices that irked the White House and bipartisan members of Congress, including intellectual property theft and forced technology transfers in exchange for Chinese market access, according to text released by the White House. It also details a $200 billion increase in Chinese purchases of U.S. goods over two years — a priority for Trump.

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