President Donald Trump says a phase two trade deal with China is unlikely to happen because the relationship between Washington and Beijing has been damaged too much. In the first phase of the trade deal signed Jan. 15 in Washington, China committed to revamping its intellectual-property protections and to buying about $200 billion in additional U.S. exports over two years, in return for the U.S. offering some relief on tariffs. But key issues in the trade relationship remain, such as dealing with the industrial subsidies that have helped give Chinese companies an advantage as they have grown into fierce global competitors in recent decades.