On May 4, the United States announced the conclusion of a US-China trade deal. There is some good news in terms of immediate new market access for US beef exports as well as commitments by China that its domestic regulatory agencies will consider providing the licenses and patents that are needed to ensure market access for US financial services and biotech products. Included in the agreement was a major concession: US recognition of the importance of China’s Belt and Road Initiative (BRI), a move that will likely be seen as signaling acceptance of one of the initiative’s underlying strategic aims—to secure a greater leadership role for China in Asia. This development comes at a time of heightened uncertainty in Asia over the US administration’s commitment to the region in light of President Donald Trump’s decision to pull it out of the Trans Pacific Partnership (TPP)—a 12-nation trade agreement. 

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