US, China reset trade relationship with 'momentous' Phase 1 agreement

"I'm leaving them on because otherwise we have no cards to negotiate with," Trump said at a White House event to sign the Phase 1 deal

The United States and China announced an initial trade deal on Wednesday that will roll back some tariffs and boost Chinese purchases of U.S. goods and services, defusing an 18-month conflict between the world's two largest economies.

Beijing and Washington have portrayed their "Phase 1" agreement as a momentous step after months of start-stop talks punctuated by tit-for-tat tariffs that uprooted supply chains and stoked fears of a further slowdown in the global economy.

"Together we are righting the wrongs of the past and delivering a future of economic justice and security for American workers, farmers and families," U.S. President