President Donald Trump said on Friday the US would suspend scheduled tariffs after reaching a “phase one” trade deal with China in a significant de-escalation of tensions between the world’s two largest economies.
Under the deal, Washington will suspend the tariffs on Chinese imports scheduled to be introduced on Sunday, while Beijing would step up purchase of US agricultural goods.
Read more: US reaches deal ‘in principle’ with China
“We have agreed to a very large Phase One Deal with China,” Trump said on Twitter
“They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more.”
The president also said Washington would cut some previously-imposed tariffs on Chinese imports to 7.5 per cent.
Chinese vice commerce minister Wang Shouwen said in a press conference in Beijing that the two nations had made “significant progress”.
The agreement would result in the US removing some of the tariffs it had placed on $360bn of Chinese goods, which would be cut “phase by phase”.
“This will create better conditions for China and the United States to strengthen cooperation,” said Wang.
Trump had said yesterday that the two nations were “very close” to reaching a deal