A year and a half after launching his trade war against China, President Trump signed a partial truce on Wednesday.
"We mark more than just an agreement. We mark a sea change in international trade," Trump said during a White House signing ceremony. "At long last, Americans have a government that puts them first."
The president 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 1" agreement does not achieve all of the reforms the administration initially sought.
"It's not everything," he acknowledged. "There will be a 'Phase 2.' But this is the first time we've had a comprehensive agreement with China."