The first-ever draft for the proposed US-China economic and trade war was released on Thursday with suggestions for China's "political reforms" that would allow US trade officials to punish Chinese officials. "With China’s new leadership, the time is now right for the US to begin an important process to address China’s economic policies," said Robert Lighthizer, Donald Trump's chief trade representative. "The draft proposals issued today reflect our discussions so far in Beijing." While Trump has already declared China is now a 'currency manipulator' because it keeps its yuan artificially low (which it does), Trump can slap sanctions on Chinese officials that would prevent the Chinese regime from running trade with the US if they did not agree to a new set of so-called 'political reforms' that would allow US officials to punish those individuals directly. The Wall Street Journal (WSJ) described what Beijing now accepts as far as a trade deal: "China will 'allow the exchange rate to be determined by market forces' but said the yuan is 'not undervalued,'" according to the WSJ. "The talks also touched on China’s 'monopolistic behavior' in industry and its 'long-standing practice of technology transfer and intellectual property theft," per the WSJ. In other words, China accepted all of Trump's conditions that were agreed to earlier this year in order to move forward on a 'phase 1' trade deal. The draft proposal that was released will set off further negotiations for several months, perhaps until the end of 2019. "Chinese government officials are encouraged to take seriously the concerns of US businesses over the rampant forced technology transfers, cyber-attacks, cyber-enabled theft of commercial secrets, human rights violations, and myriad other issues highlighted in the proposed US-China phase 1 agreement," said an administration official who spoke with the WSJ. "Chinese officials are encouraged to make concrete proposals to address these concerns in an effort to find common ground with the US,” said the WSJ. China is now claiming it will fully adopt a managed float, meaning the Chinese central bank will begin allowing its currency to float against other currencies in the future. "The US side said it welcomes China’s announcement that it will fully join the International Monetary Fund’s managed float regime, and that it will use its exchange rate policy tools as an exchange rate adjustment tool if necessary," the WSJ notes. The deal is reportedly still not 'sealed' so any last-minute surprises could sink the deal. However, Chinese officials are already working to soften up Trump ahead of the negotiations. "China understands that Mr. Trump prefers to keep talks quiet, Chinese officials told the WSJ," the WSJ writes. "But Beijing’s approach is simply to work hard to keep a steady positive communication channel with the US leader through various official and non-official channels," said one source in the administration that spoke with the WSJ. "The more frequent these communications, the easier it is to navigate through the unpredictable and high-stakes US-China relationship." “It’s a little ridiculous to hear that China has agreed to all of the concessions we have demanded and they agreed to so quickly,” said David L. Loevinger, a professor at the University of California Los Angeles. “It’s like we told them to start preparing dinner and they came back with a completed meal.” Meanwhile, Trump himself is trying to downplay the significance of this announcement, telling reporters on Thursday "I think we'll make a deal with China. I think it's only appropriate that we do." “I’m always just amazed that so many people want to talk, and then when you ask what they’re willing to give, they say it has to be 100 percent,” said Trump. “We don’t have to give 100 percent.”