President Trump said Friday the United States is suspending a tariff hike on $250 billion in Chinese imports that was set to take effect Tuesday after a “substantial” deal was made for a temporary truce in a yearlong trade war. Trump announced the trade truce at a White House press conference with the top Chinese negotiator, Vice Premier Liu He—after two days of deliberations to reach a verbal “phase one” agreement that would take several weeks to write.
“You’re very tough negotiators,” Trump told the Chinese delegation. The president said China agreed to buy up to $50 billion in U.S. farm products. In return, the U.S. will not go ahead with plans to raise tariffs on $250 billion worth of Chinese goods to 30 percent next week. Trump added that he has not made a final decision on whether to increase tariffs further on Dec. 15—as he previously vowed to do—but said a more permanent agreement would be penned by both countries by November.