Trade deal is well-timed lift for Trump and Xi

It was a key promise on the campaign trail, and now Donald Trump is set to deliver — at least somewhat.

The U.S. president is poised today to sign a “phase one” trade deal with China that for the first time would punish Beijing if it fails to make good on pledges related to its currency, intellectual property and trade balance, while unleashing a $200 billion Chinese buying spree in agriculture and energy.

The move is a win for Trump at a crucial time. The Senate is on the cusp of starting its impeachment trial, while tensions with Iran have sparked concern in the Middle East and criticism from within his own party.

It’s also good news for President Xi Jinping. He’s managed to stop the bleeding on a damaging trade war, allowing him to concentrate on China’s slowing economy and ongoing protests in Hong Kong.

Now, as Shawn Donnan, Jenny Leonard and Justin Sink write, the big question for Trump is whether the pact actually rewires the relationship between the world’s biggest economies. It’s unclear when talks will start on phase two, which will tackle much thornier issues.

And if voters don’t see any gains, Trump could be in trouble come November.