"Have Agreed On Text Of Phase One Trade Deal," Says China On US Pact

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.

'Have Agreed On Text Of Phase One Trade Deal,' Says China On US Pact

US has also cancelled China tariffs due at end of this week, Donald Trump said (File)

Beijing:

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.

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.