SINGAPORE (July 8): Three important developments came out of the G20 meeting held at end-June in Osaka. The first was an extended ceasefire in the US-China tariff war. This was hailed as a victory for the US, but closer examination suggests the Chinese gave away little of importance. It is a classic example of the Chinese strategy of making something out of nothing. Expansion of US meat imports would have happened in any case, given the ongoing culling of Chinese pigs, owing to the breakout of African swine fever. This G20 outcome had the benefit of making a necessity look like a concession.

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