The Trump administration landed two big trade deals this past week. The President signed the Phase One trade deal with a visiting Chinese delegation and the U.S. Congress approved the USMCA update to NAFTA. These were welcome political wins at a time when the President could use some positive headlines. But how important are the deals economically? Treasury Secretary Steve Mnuchin quantified: “When we look at this (U.S.-China deal) and we look at the USMCA together, I think you’re going to see a good 50 to 75 basis points combined” in increased GDP (.5 to .75%). If that were true, it would be remarkable. Before ... (full story)