President Trump portrayed the “Phase 1” agreement he announced on Friday with China with typical fanfare, describing the pact as “massive” and “the largest contract” ever signed.

特朗普总统以他典型的夸耀姿态形容他周五宣布的“第一阶段”美中协议，称这是一部“宏大的”协定，是迄今为止签署的“最大的合同”。

“We made a fantastic deal,” Mr. Trump said during remarks on Tuesday at the White House.

“我们达成了一项了不起的协议，”特朗普周二在白宫发表讲话时说。

There are good reasons to be skeptical about those claims. The deal appears likely to benefit American farmers by increasing Chinese purchases of agricultural goods and gives some other businesses more access to the Chinese market. But the “agreement in principle” is limited in scope, and exact details have yet to be put in writing — a process that has derailed negotiations with China in the past.

American officials said Friday that they would work with China on completing an initial agreement in the coming weeks, with hopes of signing a deal when Mr. Trump and President Xi Jinping attend a summit of global leaders in Chile in mid-November.

美国官员上周五表示，他们将与中国合作，在未来几周内完成一项初步协议，并希望在11月中旬特朗普和习近平主席出席在智利举行的全球领导人峰会时签署协议。

Here’s what we know so far about what the agreement might contain.

以下是我们目前对协议内容的了解。

From Mr. Trump’s perspective, the centerpiece of the pact is a commitment by China to buy $40 billion to $50 billion of American agricultural products per year. Administration officials said that target would be reached in the second year of the pact’s enactment.

在特朗普看来，该协议的核心是中国承诺每年购买价值400亿至500亿美元的美国农产品。政府官员表示，这一目标将在协定生效的第二年实现。

That volume would be a huge increase over what China was buying before the trade war. American farm exports to China peaked at around $25.5 billion in 2016, according to the American Farm Bureau, then dipped to $24.3 billion in 2017.

与中国在贸易战前的购买量相比，这将是一个巨大的增长。美国农业局(American farm Bureau)的数据显示，美国对中国农产品出口在2016年达到约255亿美元的峰值，然后在2017年跌至243亿美元。

Since then, exports of soybeans, pork and other products have collapsed under pressure from the trade war. American farm exports to China fell to just $13.4 billion in 2018, and are on track for a similar total this year, according to the same data.

从那以后，在贸易战的压力下，大豆、猪肉和其他产品的出口大幅下滑。根据同样的数据，美国对中国的农业出口在2018年降至134亿美元，今年的总额可能接近这个数字。

American officials have not specified which products would be purchased, or how they arrived at a $50 billion figure. But to many analysts, that level of exports seems hard to achieve. Mr. Trump himself acknowledged this on Saturday, saying on Twitter that “there is a question as to whether or not this much product can be produced.”

“Our farmers will figure it out. Thank you China!” the president added.

“我们的农民会找到办法的。谢谢你中国！”总统还写道。

One factor that could sharply drive up China’s imports is its African swine fever epidemic. China has already lost about 40 percent of its hog herd to the sickness, increasing demand for foreign pork and other meats.

The $50 billion target may also include a generous estimate of how other parts of the agreement would affect sales. American officials said they had negotiated speedier food safety checks for imports into China and approvals for genetically modified products, both of which could bolster trade.

500亿美元的目标可能还包括对协议其他部分将如何影响销售的粗略估计。美国官员表示，他们已经就加快对中国进口食品的安全检查和批准转基因产品进行了谈判，这两项措施都可能提振贸易。

Geng Shuang, a Chinese Foreign Ministry spokesman, confirmed at a news conference Tuesday that China would speed up its purchases of American farm goods. “What the U.S. is saying is the actual situation, which is consistent with what we know,” he said.

中国外交部发言人耿爽周二在新闻发布会上证实，中国将加快购买美国农产品。“美方说的是实际情况，和我们了解的情况是一致的，”他说。

From China’s perspective, the biggest win is a promise by Mr. Trump to cancel an Oct. 15 tariff increase, when taxes on $250 billion of Chinese goods were set to rise to 30 percent from 25 percent.

从中国的角度来看，最大的胜利是特朗普承诺取消10月15日的关税上调，美国原计划此时将2500亿美元中国商品的关税从25%上调至30%。

American officials could also cancel plans to impose a 15 percent tax on roughly $150 billion of additional goods in December if things go well.

如果进展顺利，美国官员还可能取消12月对价值约1500亿美元的额外商品征收15%关税的计划。

But that still leaves a huge part of tariffs intact. Since the start of the trade war, the United States has imposed tariffs on more than $360 billion of Chinese products, while China has placed tariffs on roughly $100 billion of American imports.

但仍有很大一部分关税未受影响。自贸易战开始以来，美国对价值3600多亿美元的中国产品征收关税，而中国对价值约1000亿美元的美国进口产品征收关税。

Trump administration officials said that China had pledged to open its markets to American financial services firms, and that banks and credit card companies would be the primary beneficiaries. But few details have been offered, and many of these changes are already in the works for other countries.

特朗普政府官员表示，中国已承诺向美国金融服务公司开放市场，银行和信用卡公司将是主要受益者。但是几乎没有提供任何细节，而且许多这类变化已在准备对其他国家实施。

Under heavy American pressure, China has announced a series of moves over the past two years to open up its banking and other financial services sectors, allowing higher levels of foreign ownership or even removing ownership caps entirely. But China is unilaterally opening up its financial services sector to businesses from all over the world, not just from the United States.

在美国的巨大压力下，中国在过去两年中宣布了一系列开放其银行和其他金融服务部门的举措，允许外资持有更大比例的股权，甚至完全取消股权上限。但是，中国正在单方面地向全世界而不仅仅是美国的企业开放其金融服务部门。

Some trade experts say the gains to American companies may be limited, pointing out that China has delayed opening its markets for so long that Chinese companies already dominate the financial sector.

一些贸易专家说，美国公司的受惠可能有限，他们指出，中国推迟开放市场的时间太长，以至于中国公司已经主导了金融领域。

The White House began the trade war over concerns about China’s treatment of American intellectual property, including what the administration called outright theft of technology and trade secrets.

白宫之所以发动贸易战，是因为对于中国对待美国知识产权的方式感到担忧，其中包括美国政府所称的公然窃取技术和商业机密。

Mr. Trump said Friday that some measures concerning intellectual property and technology transfer would be included in the “Phase 1” agreement, with additional protections included in later phases. Officials have given few details, though people briefed on the negotiations said the measures included stronger protection for copyrights and patents.

特朗普周五表示，有关知识产权和技术转让的一些措施将包括在“第一阶段”协议中，其他保护措施将在后续阶段提供。官员们没有透露多少细节，但了解谈判情况的人士表示，这些措施包括加强对版权和专利的保护。

Chinese negotiators have pointed to a foreign investment law passed this year as evidence that they have resolved some of the Trump administration’s concerns. That law contained assurances that China would even the playing field for foreign and domestic businesses, but it had few details. The crucial enforcement regulations are not scheduled to be issued until January.

The agreement also includes new guidelines for how China manages its currency — provisions aimed at resolving American complaints that China has intentionally weakened its currency to make its exports cheaper.

该协议还包括中国如何管理其货币的新指导方针，旨在解决美国对中国有意让货币贬值使其出口产品更便宜的不满。

People briefed on the agreement said the provisions looked similar to the currency chapter in the Trump administration’s revised North American Free Trade Agreement. It also closely resembles a pledge that China gave when the Group of 20 nations’ finance ministers gathered in Shanghai in February 2016. Both texts call for countries not to devalue their currencies to achieve a trade advantage and to inform each other if they intervene by buying and selling large amounts of currency.

Some experts question whether requiring the Chinese government to disclose more data will do much to curb intervention. Beijing could respond by doing more of its intervention almost invisibly through state-owned banks, and there are some signs in Chinese data it has already begun doing so.

一些专家质疑，要求中国政府披露更多数据是否有助于遏制干预。作为回应，中国政府可以通过国有银行进行几乎不为人知的更多干预，中国的一些数据显示，中国政府已经开始这样做了。

“The more disclosure there is of China’s formal intervention, the more China is likely to rely on shadow intervention,” said Brad W. Setser, a senior fellow at the Council on Foreign Relations and a Treasury official in the Obama administration.

“关于中国官方干预的信息披露越多，中国就越有可能依赖影子干预，”外交关系委员会(Council on Foreign Relations)高级研究员、奥巴马政府的财政部官员布拉德·塞策(Brad Setser)说。

A big question has been whether China will stick to the promises it makes. Robert Lighthizer, Mr. Trump’s top trade negotiator, said the pact would set up “a very elaborate consultation process” with “escalation in various areas so that difficulties can be resolved.” But he added that the details were still being worked out.

中国是否会履行承诺是一个大问题。特朗普的首席贸易谈判代表罗伯特·莱特希泽(Robert Lighthizer)表示，该协议将有“一个非常复杂的磋商过程”，“在各个领域逐步推进，以便难题得到解决。”但他也表示，细则仍在商讨当中。

American officials have emphasized that their current tariffs, and the threat of future ones, will act as an enforcement mechanism. If China violates the agreement, the Trump administration could move forward with additional tariffs on Chinese products. And if China follows through on its promises, some of Mr. Trump’s existing tariffs could be rolled back.

美国官员强调，当前的关税及未来威胁要加征的关税将作为一项执行机制。如果中国违反协议，特朗普政府可以对中国产品加征额外的关税。而如果中国遵守承诺，特朗普的一些现有关税可以降低。

No agreement has yet been signed, and some of it remains unwritten. Mr. Trump said Friday that the deal was “subject to getting everything papered,” but added that he did not foresee a problem with that process.

尚未签署任何协议，协议部分内容尚未成文。特朗普上周五表示，协议“还需要把所有内容落实到纸面上”，不过也表示他认为这个过程不会出现什么问题。

But the United States and China have reached trade truces before — in Buenos Aires last December and in Osaka, Japan, in June — only to see them quickly crumble. That has left some critics hesitant.

但美国和中国此前曾达成过贸易休战——去年12月在布宜诺斯艾利斯以及今年6月在日本大阪——结果都很快崩溃。这让一些批评人士犹豫不决。

“A deal that isn’t written down isn’t a real deal,” Senator Ron Wyden, Democrat of Oregon, said in a statement.

“没有写下来的协议不是真正的协议，”俄勒冈州民主党参议员罗恩·怀登(Ron Wyden)在声明中称。

 结构性问题

Longstanding concerns about Chinese economic policies that put American companies at a disadvantage do not appear to have been addressed.

对于使美国企业处于不利地位的中国经济政策长期存在的担忧，似乎也没有得到解决。

These policies, which are often called “structural issues,” include China’s generous subsidies to certain companies, the outsize role of the government in the economy and its systematic discrimination against foreign firms. In particular, the Trump administration has often criticized Beijing’s ambitious plan to dominate cutting-edge technologies like advanced microchips, artificial intelligence and electric cars, called Made in China 2025.

这些政策常被称为“结构性问题”，包括中国对某些企业的慷慨补贴、政府在经济中发挥的巨大作用以及对外企的系统性歧视。具体来讲，特朗普政府经常批评北京的一项旨在主导先进微芯片、人工智能和电动汽车等尖端科技的宏大计划，后者被称为《中国制造2025》。

China has fiercely resisted any American demands that it sees as efforts to interfere with how it runs its economy. Negotiators have discussed some measures, like requiring China to disclose more information about how it subsidizes its industries, and people familiar with the talks say such talks will continue. But American officials made no mention of these issues with regard to the initial agreement.

美国提出的要求一旦被判定为意在干预其经济管理，就会遭到中国的激烈抵制。谈判代表探讨了一些措施，如要求中国披露更多关于其如何对行业进行补贴的信息，据谈判知情人士透露，这样的探讨还将继续。但在初步协议中，美国官员未提及任何这些议题。

The agreement also excludes provisions related to the manufacturing sector. And it appears to allow China to retain, for now, its high tariffs on American-made cars.

协议还未包含制造业相关条款，并且似乎在允许中国暂时保留对美国产汽车的高额关税。

That is notable, because nonagricultural goods — including cars, car parts and aircraft — account for both the bulk of American exports to China and the very large American trade deficit with China that Mr. Trump has criticized.

Mr. Trump tweeted on Saturday that the deal would include $16 billion to $20 billion in purchases of Boeing planes, but American officials have not shared any other details.

特朗普周六发推称，协议将包括采购160亿美元至200亿美元的波音飞机，但美国官员尚未透露任何其他细节。

Officials have made no mention of a point that is as crucial for American competitiveness as it is hard to resolve: China’s treatment of data.

Chinese laws block multinational companies from moving much of the data they gather on Chinese customers out of the country, meaning that many technology and retail companies must silo off their China business from the rest of their global operations. Chinese officials insist this is a matter of national security and have signaled they are unlikely to yield on this point.

中国的法律禁止跨国企业将其收集的中国客户数据转移出中国，这意味着很多科技和零售企业必须将中国的业务同全球运营的其余部分分隔开来。中国官员坚称这事关国家安全，并表示在这一点上不大可能让步。