US-China trade war deal reaches first anniversary as bilateral mistrust hits ‘all-time high’

But Jake Parker, senior vice-president of the US-China Business Council, said while the deal had made important progress on long-standing trade barriers, it came at a steep cost. “Tariff escalation on both sides has cost American jobs, increased prices for consumers, hurt businesses, and required taxpayers to bail out farmers, all while doing little to correct the trade imbalances they were meant to address,” he said.