The partial agreement involves issues like agriculture, foreign exchange and some aspects of intellectual property protection.
The United States and China accomplished on Friday the first phase of an agreement to end their trade war, which led President Donald Trump to suspend a tariff hike, even though, officials said they have yet to put the terms on paper and a greater effort will be required to achieve it.
The partial agreement involves issues such as agriculture, foreign exchange and some aspects of intellectual property protection.
So far, it is the biggest step toward resolving a 15-month tariff dispute, between the world's two largest economies. This economic war has impacted financial markets and slowed global growth.
Trump spoke after two days of high-level negotiations in Washington, involving U.S. Treasury Secretary Steven Mnuchin on the U.S. side and a Chinese front delegation led by Chinese Vice Premier Liu He.
The announcement did not include much detail, and Trump said it could take up to five weeks to draft the final agreement.
The deal I just made with China is, by far, the greatest and biggest deal ever made for our Great Patriot Farmers in the history of our Country. In fact, there is a question as to whether or not this much product can be produced? Our farmers will figure it out. Thank you China!— Donald J. Trump (@realDonaldTrump) 12 de octubre de 2019
U.S. Treasury Secretary Steven Mnuchin told reporters that Trump agreed not to proceed with a 25% to 30% tariff increase on about $250 billion in Chinese products, which was to take effect on Tuesday.
However, other sources reported that Trump has not made a decision about the tariffs that will enter into force in December.
What he did say, was that he and Chinese leader Xi Jinping could sign an agreement during the November Asia-Pacific meeting to held in Santiago de Chile.