The U.S. and China signed the "Phase One" trade deal
China appeared to make the majority of the concessions in the trade deal whereas the U.S. did not agree to anything outside of tariff reductions. The key points of the trade deal are:
China will increase imports from the U.S. by $200 billion above 2017 levels over two years; this includes a $32 billion increase in U.S. agricultural products. After two years, exports are to continue growing at the new levels.
China will improve trade secret and intellectual property protections for U.S. companies and provide a legal avenue for companies to process disputes after the burden of proof has been met.
China will commit to not pressuring companies into forced technology transfer and will make all administrative and licensing requirements transparent.
China will commit to the use of its overseas parent assets to fulfill applicable asset requirements for qualified subsidiaries of U.S. financial institutions.
By April 1, 2020, China will remove the foreign equity cap for financial services firms, allowing U.S. insurers and banks to operate wholly owned subsidiaries in the mainland. This also includes a provision that the U.S. will expedite reviews for Chinese financial institutions wishing to do business in the U.S.
The U.S. will not implement the phase 4b tariffs that were scheduled for December 15, 2019, and the U.S. will reduce the tariff rate to 7.5% from 15% on the phase 4 tariffs implemented September 15, 2019.