Phase One Trade Agreement

The Phase One Trade Agreement, signed in January 2020 between the United States and China, aimed to reduce trade tensions. China committed to buying more American goods and services, like agricultural products and energy, to help balance trade. In return, the U.S. agreed to slightly lower some tariffs and not to impose new ones. The deal also included commitments on protecting intellectual property and opening China’s markets. Overall, it was a step toward improving economic relations and reducing tariffs, but many trade issues remained unresolved.