The United States and China have come to terms on a phase one trade deal, putting a halt to the escalating trade war, President Trump and China's Vice Minister of Commerce Wang Shouwen confirmed in separate statements on Friday.
Trump tweeted that although the 25 percent tariffs on Chinese imports would stay in place, the 15 percent levies on other goods would be halved. Trump also said that tariffs set to go into effect on Sunday would be eliminated.
The president announced on Thursday that the deal included a written pledge from Beijing to buys tens of billions worth of U.S. agricultural products.
Wang said that the U.S. plans to remove tariffs in stages, but declined to disclose further details. He said that the deal covers agriculture, intellectual property protection, technology transfer, and liberalization of the financial sector.