(Bloomberg) — With the partial agreement with China that he announced Friday, President Donald Trump is back in dealmaker mode after months of escalation.

That doesn’t mean, though, that the new grand bargain that Trump once promised with China is any more than a small step closer to reality, or that a curtain is being drawn on the uncertainty his trade wars have brought to the global economy.

It also leaves a gnawing question hanging over Trump and the economic fallout from his assault on China and global supply chains as he prepares to face the electorate in 2020: Has it really all been worth it?

The surge in…



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