The trade war between China and the United States began after U.S. President Donald Trump announced on March 22, 2018, his intention to impose tariffs of $50 billion on Chinese goods under Section 301 of the Trade Act of 1974, aimed at forcing changes to what the United States describes as "unfair trade practices" and intellectual property theft. The Trump administration stated that these practices could contribute to the trade deficit between the United States and China, and that the Chinese government requires the transfer of American technology to China in response to U.S. trade measures. The Chinese government accused the Trump administration of engaging in nationalist protectionism and retaliatory measures, leading to tariffs imposed on more than 128 American products, most notably soybeans. Following the escalation of the trade war throughout 2019, both sides reached a tense Phase One agreement in January 2020. By the end of Trump’s first presidency, the trade war was widely described as a failure for the United States.