China and the United States have agreed on a trade deal that would lead to more purchases of U.S. agricultural products by Beijing and a rollback of some of the tariffs that both countries have placed on imported products.
In a tweet, President Trump said the U.S. has agreed to a “very large Phase One trade deal with China” and said tariffs on imported Chinese products that were set to take effect this weekend would not be imposed.
He also said Beijing has agreed “to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more.”
The two countries will begin negotiations over the second phase of a trade deal right away, he said.
China confirmed in a press conference in Beijing that a deal was reached but left out significant details and no text of the agreement has been released. Both sides are yet to sign the deal.
Officials said the so-called “phase one” agreement would cover agricultural products, intellectual property protection, currency manipulation and forced technology transfers by U.S. companies doing business in China.
All are issues that Washington has been pressing China to address for years, with limited success.
China will increase purchases of high quality and competitive products from all countries, including the United States, officials said.
They also said both countries were prepared to roll back tariffs on imported products and suspend a new round of tariffs meant to take effect this weekend.