The agreement is intended to open Chinese markets to more American goods, and it includes concessions to protect U.S. technology and trade secrets. Beijing also agreed not to devalue its currency, the renminbi, to gain an advantage in export markets.

But the agreement preserves the bulk of the tariffs placed on Chinese goods, and even threatens more.

What’s not included: Beijing’s subsidies for key industries like solar and steel — a practice critics blame for putting American companies out of business.

Analysis: The underwhelming deal shows that these two powerful antagonists can achieve the basic steps of deal making, our economics correspondent writes. While there are no guarantees of permanence, it’s progress nonetheless.

Related: Companies have long accused Chinese rivals of swiping or seizing valuable technology. Beijing has promised to ban those practices, but enforcement could be tough.