China Calls Off New Tariffs On U.S. Goods After Trade Deal

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China Calls Off New Tariffs On U.S. Goods After Trade Deal
Those tariffs had originally been scheduled to go into effect on Sunday and would have targeted products like corn and American-made vehicles.
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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.