Eighteen years after China joined the World Trade Organization (WTO), the global economy has changed significantly. As part of its accession agreement, China has lowered its overall tariff rate, dropping its applied import tariffs from a weighted average of 14.7 percent in 2000 to 4.8 percent in 2017. However, due to bilateral trade tensions, China has selectively raised the weighted average tariff rate on US goods to 20.1 percent, up from 8 percent in 2018. China agreed to open some, though not all, of its economy to foreign participation—these commitments have largely been implemented. The accession agreement also changed the way most American companies were able to do business in China, such as by allowing companies to distribute and service their own products in the market.