Tourism recovering, Phase One deal remains a dud

Domestic tourists made a record number of trips over the recent Labour Day holiday. But in a sign that consumers are still holding back, daily tourism spending was still a fifth below pre-pandemic levels. The US and China will reportedly meet soon to discuss the future of the Phase One trade deal. The Biden administration seems unlikely to scrap the deal outright. But we also doubt it is happy with the outcomes so far given little evidence that Chinese purchases of US goods are appreciably higher than they would have been without the deal.