Take the $250 billion in deals announced during Trump’s visit to China in November. Many of the agreements were nonbinding memorandums of understanding, and some had already been negotiated. And while they made a nice headline, they did nothing to address the fundamental problems that U.S. companies face in China: requirements to share technological trade secrets with Chinese partners in exchange for access to Chinese markets; restrictions on entering huge swathes of the economy; industrial policies that explicitly aim to oust foreign firms in fields ranging from information technology to electric vehicles.