At long last, China and the U.S. are ready to sign "Phase One" of a new trade deal. This first phase de-escalates a conflict that for nearly two years has pit the world's two most powerful economies against each other. So, what fresh momentum will the trade deal inject into both economies – and for traders worldwide? How will it affect tariffs, which still restrict the flow of Chinese goods into U.S. markets? Is "Phase Two" on the horizon? And will Trump spark a new trade war elsewhere, during this election year?

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