(AP) - President Donald Trump says the U.S. has canceled plans to impose new tariffs on $160 billion worth of Chinese imports Sunday.
Scraping those looming trade penalties is part of a modest interim agreement that de-escalates a 17-month trade war between the world’s two biggest economies.
The United States is also reducing existing import taxes on about $112 billion in Chinese goods.
Trump says that in return, the Chinese have agreed to "massive'' purchases of American farm and manufactured products.
U.S. officials say China has agreed to buy $32 billion in U.S. farm products over two years.
Beijing has also committed to ending a long-standing practice of pressuring companies to hand over their technology as a condition of gaining access to the Chinese market.
A Chinese official says Beijing is ready to work with the U.S. ``to do more to promote growth in trade.''