The current relations between the United States and China, which are largely defined by the phrase trade war, are analyzed. The authors place an emphasis on the economic, political, and legal aspects of these relations and the direct and indirect consequences of the trade war for both its participants and the world community. Attention is focused on the first months of 2020, when, in particular, a trade and economic agreement was signed between the parties. Individual sections of the agreement are considered, including those related to intellectual property; the promotion of American medicines to the Chinese market; and China’s obligations to purchase American manufactured goods, agricultural products, and fuels. A brief excursion into the history of the trade war is undertaken, the position of the parties is shown, and key problems of the dialogue are identified. New factors affecting this dialogue are considered: the recession that has begun in the global economy and the emergence and spread of the coronavirus epidemic. The actions of the parties to respond to the new challenges are evaluated.