Trump To Sign ‘Phase One’ China Trade Deal, But Most Tariffs Remain In Place

A year and a half after launching his trade war against China, President Trump will sign a partial truce on Wednesday. He’s agreed to relax some of the tariffs he imposed on Chinese imports. In exchange, Beijing has agreed to buy more American products and make other changes. “This is a big win for the president,” Treasury Secretary Steven Mnuchin told Fox News, while conceding the “phase one” agreement does not achieve all the reforms the administration initially sought. “It’s not everything,” he acknowledged. “There will be a ‘phase two.’ But this is the first time we’ve had a comprehensive agreement with China.” As part of that deal, China has promised to provide more protection for American companies’ intellectual property, and to stop requiring U.S. firms to share their technology as a cost of doing business in China. Beijing has a history of backsliding on such pledges. Mnuchin said if China fails to meet its commitments, the administration is prepared to respond. “There’s a real