President Trump and Chinese Vice Premier Liu He signed an initial trade deal on Wednesday that will roll back some tariffs and see China boost purchases of US goods and services, defusing an 18-month conflict between the world’s two largest economies.

“This is a very important and remarkable occasion. Today, we take a momentous step, one that has never been taken before with China, toward a future with a fair and reciprocal trade as we sign Phase 1 of the historic trade deal between the United States and China,” the president said at the White House, flanked by top administration officials.

“Together, we are righting the wrongs of the past and delivering a future of economic justice and security for American workers, farmers and families.”

Liu said the two sides will work more closely to obtain tangible results and achieve a win-win relationship despite differences in their political and economic models, China’s official Xinhua news agency reported.

US officials called the deal a huge win that marked a significant shift in Washington’s relations with China, but said it included a tough enforcement measure that could trigger renewed tariffs if Beijing does not live up to its promises.

The Phase 1 agreement caps a trade war marked by tit-for-tat tariffs that has hit hundreds of billions of dollars in goods, roiling financial markets, uprooting supply chains and slowing global growth.

Trump and Liu, who led the Chinese side in the trade talks with Washington, signed the 86-page Phase 1 deal at a White House event at about 11:50 a.m. before over 200 invited guests from business, government and diplomatic circles.

The deal would include $50 billion in additional orders for US agricultural products, Trump said, adding he was confident that American farmers would be able to meet the greater demand.

He also said China would buy $40 billion to $50 billion in additional US services, $75 billion more in manufacturing goods and $50 billion more of energy supplies.

Officials from both countries have touted the deal as ushering in a new era for U.S.-China relations, but it fails to address many of the structural differences that led the Trump administration to start the trade war in the first place.

They include Beijing’s long-standing practice of propping up state-owned companies, and flooding international markets with low-priced goods.

Trump, who has embraced an “America First” policy aimed at rebalancing global trade in favor of U.S. companies and workers, said China had pledged action to confront the problem of pirated or counterfeited goods, and that the deal included strong protection of intellectual property rights.

Not everyone applauded the deal, with Senate Minority Leader Chuck Schumer expressing skepticism.

“If I sound frustrated and angry, it’s because I am. President Trump’s ‘Phase 1’ trade deal with China is an extreme disappointment. He’s conceding our leverage for vague, unenforceable ‘promises’ China never intends to fulfill,” he said in the Senate.

It is not yet clear whether the entire document will be released on Wednesday.

Trump, who entered the White House in 2017 vowing to rebalance global trade in favor of the United States, has already begun touting the deal as a pillar in his 2020 re-election campaign, calling it “a big beautiful monster” at a rally in Toledo, Ohio last week.

“Our farmers will take it in. I keep saying, ‘Go buy larger tractors, go buy larger tractors,’” Trump said.

The centerpiece of the deal is a pledge by China to purchase an additional $200 billion worth of U.S. farm products and other goods and services over a period of two years or more.

That will help reduce the bilateral US trade deficit in goods, which peaked at $420 billion in 2018.

The US had a small services trade surplus with China of $40.5 billion in 2018.

With Post wires services