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What the agreement means for the U.S. and China

President Trump and Vice Premier Liu He of China signed a long-awaited phase-one trade deal at the White House yesterday. Here’s who benefited from the agreement — and who was left out in the cold.

Winners:

• Mr. Trump. He is claiming a political victory for negotiating a deal that he says his predecessors couldn’t do. (Even if the pact falls short on his earlier promises.)

• President Xi Jinping of China. It eases trade tensions at a time when the Chinese economy is weakening.

• Financial companies. American banks can now take control of their joint ventures in China, while credit-card processors advanced their quest to operate in the country.