On Wednesday, the United States and China signed the first phase of a deal that has been three years in the making. The deal remains vague on what happens next, simply stating that "the parties will agree upon the timing of further negotiations."

However, here is what the deal has to say around five key points of contention:

1. Intellectual property

"The U.S. recognizes the importance of intellectual property protection. China recognizes the importance of establishing and implementing a comprehensive legal system of intellectual property protection and enforcement as it transforms from a major intellectual property consumer to a major intellectual property producer. China believes that enhancing intellectual property protection and enforcement is in the interest of building an innovative country, growing innovation-driven enterprises, and promoting high quality economic growth."