As the global business and political elite gather at Davos this year, the question remains open: Is the trade war on? Or is it off again?

As far as China and the United States are concerned, a tenuous truce seems to have been declared. Phase 1, signed last week, eases some Trump administration sanctions on China in return for Beijing’s vow to step up its purchases of American farm products and other goods.

But cheer not. Few experts believe that this opens a path to Phase 2 and beyond.

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