Phase one deal is a winner for China, US and the world

Hosting a high-profile giving of thanks to both the Chinese negotiators and his own team involved in the tougher-than-expected negotiations that led to the signing of the long-awaited phase one trade deal, the US president, while seeking to gain some credit for his administration also highlighted how important the deal is.

The significance of the 96-page deal is multifold. It has halted the protracted trade war, serving to stabilize global expectations; and it provides a blueprint for deepening cooperation and improving the two sides' respective business environments for the other's companies.

That there are settlement mechanisms for possible disputes set out for almost every part of the pact highlights their shared desire to make it work. And along with such aspects of the deal itself, the negotiations can serve as a valuable reference for other trade pacts.