How big a deal is China’s new trade agreement with the U.S.?

China was hailing its new trade deal with the United States today. Commerce Secretary Wilbur Ross said yesterday the agreement will help cut the U.S.’s massive trade deficit with China. The deal will open China’s beef market to U.S. cattle for the first time in 15 years, and benefit American natural gas and credit card companies eager to do business in China. But, is it really a big deal?

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