The world’s two largest economies have agreed to a preliminary “phase one” trade agreement text on Friday that would significantly draw down mutual economic recriminations they have imposed on one another. 

In announcing the breakthrough, U.S. President Donald Trump said he has decided to cancel a new round of tariffs that were set to be imposed on Sunday and reduce some already-imposed import duties in exchange for a series of concessions from China.

“We have agreed to a very large Phase One Deal with China,” Trump said on Twitter. “They have agreed to many structural changes and massive purchases

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