The US has reached a new trade agreement with China under which all Chinese imports will face a 55% tariff, while American exports to China will be subject to a reduced 10% tariff. This was the result of two days of talks between diplomats from the two nations in London.

President Donald Trump is hailing the latest trade framework with China as a game-changing breakthrough. Yet the deal he touted Wednesday represents little more than a reset back to earlier terms — and even that came at a cost.