Trump's China trade deal is better than expected. Will his critics admit it? | Opinion
The constant storyline from progressives and the media is that everything is awful all the time with Donald Trump in the White House. But that's not the reality.
Stock markets soared May 12 after President Donald Trump announced a temporary trade deal with China. The move eases concerns at least for now about the softening economy and fears of a fresh round of inflation.
It also raises important questions: Will Trump seal a permanent deal? If he does, will his critics recognize that his gamble on tariffs paid off?
News of the trade agreement sent stock markets soaring. The S&P 500 climbed more than 3%, the Dow Jones Industrial Average surged more than 1,100 points and the Nasdaq Composite rose more than 4.3%.
Stock analysts told Paste BN that the trade deal means record highs for U.S. markets are once again possible after a rocky first few months of 2025.
I have mixed feelings about Trump's use of tariffs as a negotiating tool. Tariffs are a tax on everything from groceries to clothes to automobiles.
I can understand why Trump made this gamble − American workers will be the winners if more goods are manufactured in the United States. Even so, the tariffs have slowed economic growth, unsettled investors and cost Trump political capital with Republicans in Congress (which he will need if his tax cut proposal is to become law).
China trade deal is better than expected
However, things finally appear to be moving in the right direction. The administration announced a trade deal with the United Kingdom May 8, and the ceasefire in the trade war with China was achieved faster and more broadly than most analysts anticipated.
"This was a larger-than-expected de-escalation ... though the negotiation process will likely remain challenging," Lynn Song, chief economist of greater China at Dutch bank ING, told Paste BN.
It's too early to pop the champagne. Trump's team must still broker a final deal with China by August. Otherwise, everything will revert to the chaos we've experienced since new tariffs were announced in April.
What if Trump seals the deal with China?
After Trump imposed tariffs on China, Canada, Mexico, the European Union and other trade partners, Democrats, the mainstream media and even a few Republicans blasted him.
A CNBC story on April 12 cited a retailer who said Trump's tariffs on China will cause "irreversible" damage for U.S. businesses. Time magazine warned that the tariffs could trigger a global recession. And The New York Times described the tariffs as a self-inflicted debacle.
I understand that reaction, but as I watched the markets soar May 12, I wondered if the news media would admit that Trump might have been right after all. Will journalists give him credit for negotiating a deal in a matter of weeks that could help Americans prosper for years to come?
Treasury Secretary Scott Bessent recently noted the news media's hesitancy to give Trump credit when it's due.
"There was a story 10 days ago that said this is the worst April for the stock market since the Great Depression," Bessent said April 27 on ABC News' "This Week." "Ten days later, the Nasdaq is now up on the month of April, and I haven't seen a story that says oh, the stock market has biggest bounce back ever."
I've noticed the same thing. The constant storyline from progressives and the media is that everything is awful all the time with Trump in the White House. But that's not the reality.
When stocks soar, the economy surges and Americans prosper in the years ahead, will Trump's critics finally admit they were wrong all along?
Nicole Russell is a columnist at Paste BN and a mother of four who lives in Texas. Contact her at nrussell@gannett.com and follow her on X, formerly Twitter: @russell_nm. Sign up for her weekly newsletter, The Right Track, here.