The trade war between the U.S. and China took a toll last year before hitting the brakes on Dec. 13 as the last wave of tariffs — List 4B, which included toys — were called off due to a Phase One trade agreement that was reached. Today, both parties officially signed the deal.

President Donald J. Trump and the Office of the United States Trade Representative are calling it a “historic & enforceable agreement” that requires structural reforms and other changes to China’s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange. The Phase One agreement also includes a commitment by China that it will make substantial additional purchases of U.S. goods and services in the coming years.

The Phase One agreement also establishes a dispute resolution system to ensure prompt and effective implementation and enforcement. Accordingly, the U.S. has agreed to modify its Section 301 tariff actions in a significant way.

The full text of the agreement can be found on the USTR website.

Official White House photo by Tia Dufour