China to propose restoring 2020 'Phase 1' trade deal with US: Report

China's response to U.S. tariffs involves seeking to restore the 2020 Phase 1 trade deal, pledging not to devalue the yuan, increasing investments in the U.S., and committing to reduce fentanyl exports. This move comes after President Trump enforced new tariffs on Mexican, Canadian, and Chinese imports. Beijing also plans to handle the TikTok issue as a commercial matter.