In return, the USA will defer a tariff hike which was scheduled for October 15 on roughly $250 billion in Chinese imports. - The headline says the two leaders agreed not to increase tarrifs.
"We have an agreement on intellectual property", the U.S. president said, claiming another obstacle to an overall deal had been overcome.
A partial trade agreement between the United States and China has reportedly been reached on Friday, with President Donald Trump calling it a "substantial deal" that serves as a temporary truce to a more-than-yearlong financial dispute.
Washington still is planning a December 15 tariff hike on $160 billion of smartphones and other imports.
Despite the announcement, the deal has not been completed, and Treasury Secretary Steven Mnuchin said more work remained, including on the agreements related to currency and access for American financial companies.
Friday's initial agreement - which included increasing USA farm product purchases, and also covers intellectual property, financial services and currencies - finally breaks an 18-month trade spat.
Trump said Friday's deal has yet to be put down on paper but said, "We should be able to get that done over the next four weeks".
Trump said that it was possible that phase two and phase three part of the deal would happen afterward.
Trump, who met with Chinese Vice Premier Liu He Friday afternoon, called the initial deal "substantial".
Ireland move into quarter-finals by crushing Samoa
We can't control what happens with the Japan-Scotland game, so on Saturday it's up to us to get our business done as best we can". Given the current ongoing controversy over the decision to cancel rather than reschedule certain games due to typhoon Hagibis, .
The scope of the agreement won't be finalized until President Donald Trump meets Chinese Vice Premier Liu He in the Oval Office later this afternoon.
Trump seemed optimistic about the negotiations that took place this week, saying in a tweet on Friday that "good things" were happening amid "warmer feelings", alleging that everyone would like to see "something significant happen". USA manufacturers are hurt by rising costs from the tariffs and by uncertainty over when and how the trade hostilities will win.
Mnuchin said that Trump had agreed not to proceed with a hike in tariffs to 30 percent from 25 percent on about $250 billion in Chinese goods that was supposed to have gone into effect on Tuesday.
This new deal follows several days of negotiations between China the United States.
The S&P 500 and Dow Jones indexes looked set to break a three-week losing streak on optimism that the world's top two economies could cool off their row before more US tariffs kick in next week. Trump launched a tariff campaign early previous year as part of a strategy to end China's decades-long unfair trade practices.
The deal is far from the type of comprehensive agreement Trump has been pushing for, and it leaves some of the administration's biggest concerns about China's economic practices unresolved.
Trump said some IP issues would be left for later phases of the talks.
The Dow Jones Industrial Average jumped more than 400 points (1.6 percent) and the S&P 500 gained 1.7 percent in early trading. Tensions between the USA and China escalated ahead of the discussions, with the US adding 28 entities to a blacklist. Comments expressing support for protests in Hong Kong from the general manager for the NBA's Houston Rockets had also prompted an angry response from Chinese state-run news outlets, though The New York Timesreported on Thursday that the government was seeking to quell public unrest.
Acccording to the deal, China will faciliate protection of intellectual property owned by American companies.
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