Tashkent, Jan. 16 -- Eighteen months after igniting a trade war with China, U.S. President Donald Trump - alongside Chinese Vice Premier Liu He - signed Phase 1 of a trade deal Wednesday that, at least for now, defuses the conflict between the world's two largest economies.

In a rambling, partisan speech, Trump thanked a long list of attending business leaders and Republican lawmakers - including former secretary of state Henry Kissinger and Fox Business host Lou Dobbs - and touted the deal as a "sea change" in international trade.

The centerpiece of Phase 1: a pledge by China to buy an additional $200 billion worth of U.S. agricultural products and other goods and services over two years.

The U.S. in turn agreed to roll back tariffs s...