“Chinese officials said China and the U.S. reached an agreement on the text of the phase one trade deal. The next step is for both sides to go through legal steps and set a time for signing the deal, according to a CNBC translation. Chinese officials also said tariffs would be rolled back in phases. Agricultural purchases by the Chinese will increase, but officials did not specify by how much.
President Donald Trump later confirmed that a trade deal had been reached. As part of that agreement, new tariffs set to take effect Sunday will be scrapped. He also said some of the prior duties on $120 billion worth of Chinese imports will be rolled back.
In a series of tweets, he said: "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."