Did the U.S. win the trade war? Depends what we were fighting for.

How to understand Trump's "phase one" deal with China

President Trump.
(Image credit: Illustrated | MANDEL NGAN/AFP via Getty Images)

The United and China have finally called a truce in their trade war. What the Trump administration is calling "phase one" of a hoped-for larger agreement reduces tariffs on Chinese exports in exchange for China's commitment to addressing intellectual property theft and to purchasing $200 billion in additional American goods and services.

Is that what victory looks like? It depends very much on what objective you think the war was being fought for in the first place.

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