If I was the president, I would place a strict limit on max annual trade deficit with China or any other country for that matter. If the deficit exceeds that level, then automatic tariffs get activated. Higher the deficit, higher the tariffs.
Since Trump imposed tariffs on manufactured items imported from China, it has had the obvious effect of making those products less competitive to make in China, and that is why some manufacturing is moving out of China.
Not having read the details of this current deal I can not posit a relevant opinion. All I know at this point is what I heard on news that China has agreed to buy $40-50 Billion worth of agricultural products. That is a small fraction of out current annual deficit.
Disagree that tariffs should be based on deficit.
Tariffs need only be reciprocal. They put 25% tariff on automobiles we do likewise. If the trade on automobiles is unequal then the tariffs need to be adjusted to compensate.
Tariffs can ultimately cost the consumer and since we don’t manufacture much anymore it is hard to penalize a consumer for buying a TV made in China when we don’t have one they can buy here in the USA.
Trump had the answer a little while ago when he said there should be NO tariffs on anything as long as the government gets involved in a direct subsidization of the manufacturers product such as the Chinese were doing with their steel and aluminum export.