Smaller countries the biggest losers under US-China trade deal
The real danger of the new agreement, however, is that it replaces a trading system based largely on agreed rules with one based purely on negotiating muscle.
Since the phase one trade deal between China and the United States was signed on January 15, much of the commentary has focussed on the overly ambitious targets for Chinese purchases of US goods.
Critics charge that the deal amounts to "managed trade" or "central planning" that substitutes government diktats for market forces.
