China called off implementing additional tariffs on some U.S. goods after the two countries agreed to a so-called "phase one" trade deal.
Those tariffs had originally been scheduled to go into effect on Sunday and would have targeted products like corn and wheat and American-made vehicles and auto parts.
The phase one trade deal brings U.S. and Chinese officials one step closer to resolving their 18-month-long trade war.
"It's a phenomenal deal," President Donald Trump told reporters.
According to reports, the U.S. agreed to delay new tariffs on $160 billion in Chinese imports as well as slash some current tariffs in half. In exchange, China will purchase $50 billion in U.S. agricultural products.
President Trump said the two nations will immediately start negotiating a more comprehensive "phase two" deal.
Additional reporting from Newsy affiliate CNN.