Dr. Rasmus dissects the just announced signing of the US-China Phase 1 trade deal. Trump claims of achievements are debunked and revealed as mostly smoke and mirrors. Trade terms claimed by Trump, and analyzed by Rasmus, include: majority ownership by US companies in China, ending China’s manipulation of its currency, gains in IP and Tech transfer limits on China, the claim of $100B more a year purchases of US farm goods by China, and another $100B in purchases of manufacturing and services by China. What’s fact and  what’s Trump fiction in these areas? Rasmus agrees with the Council on Foreign Relations conclusion that China has only restored agriculture purchases and provide “nice words on IP” and that Trump got what he could have had two years ago! Rasmus explains what’s coming (and not coming) next in Phase 2; why Trump’s trade war(s) are over; why the US-China tech war will now escalate; and what’s behind Trump still keeping $370B in tariffs. The costs of the China-US trade war are described, including the facts about the trade deficit effects, costs to US businesses, impact continuing on the US farm sector, the average hit to consumers of $806 from rising prices, impacts on US business investment contraction, and global investment and GDP, and absurd claims by Trump’s administration (Kudlow and Mnuchin) of the impact on US GDP growth. (Next week show: ‘The 10 Most Important Economic and Political Events of the past decade, 2010-19)