China announced Friday a "phase one" trade deal with the United States that includes a progressive rollback of tariffs that have threatened to roil the global economy.
"The two countries have agreed on the text of a phase one trade and economic deal," vice commerce minister Wang Shouwen said at a news conference, adding that the two sides now have to sign the agreement.
President Donald Trump confirmed Friday he is canceling new tariffs on China, that had been due to kick in at the end of this week, as part of a "phase one" trade deal.
The tariffs "will not be charged because of the fact that we made the deal," he tweeted after Beijing first announced a breakthrough in the US-China trade war.
We have agreed to a very large Phase One Deal with China. They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more. The 25% Tariffs will remain as is, with 7 1/2% put on much of the remainder....— Donald J. Trump (@realDonaldTrump) December 13, 2019
Trump said that existing tariffs of 25 percent on $250 billion of Chinese imports will stay in place pending further negotiations on a second phase deal, along with 7.5 percent tariffs on another $120 billion of imports.