Jim Cramer has some thoughts on the U.S.-China trade deal now that we have a trade deal.
On Friday, President Donald Trump penned a series of tweets that said a “very large” deal has been made with China that involves significant agricultural purchases and the December 15 tariffs will be canceled.
U.S. Trade Representative Robert Lighthizer then, on Sunday, told CBS's "Face the Nation" that the agreement, reached after more than two years of negotiations between the world's two biggest economies, was "totally done" and would include the suspension of certain tariffs and the rollback of others in exchange for China's agreement to buy around $200 billion worth of American-made goods, including agricultural, energy and manufacturing products, over the next two years.
"Well, you know what? I think that we're underestimating the power of the trade deal. Having spent a lot of time on it. And it almost failed. The Chinese gave in on a huge number of things. Once again, the mainstream media just hates Trump so much. But Lighthizer negotiated a deal that really is predicated upon the notion that the Chinese are out of pork almost. Most of their pork is raised on backyard farms. The airborne nature of Asian swine flu is really underestimated," said Cramer in TheStreet's daily live show.
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