China has suspended a new tariff hike on US goods ranging from corn and wheat to vehicles and auto parts, which was due to come into effect this weekend.

Tariffs that have already been been implemented on US goods will be left in place until the next stages of negotiations, however.

“China hopes, on the basis of equality and mutual respect, to work with the United States, to properly resolve each other's core concerns and promote the stable development of US-China economic and trade relations,” the State Council's customs tariff commission said in a brief statement on December 15.

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Under the so-called ‘Phase One’ deal, China agreed to slowly increase – by at least $200 billion over two years – the imports of US farm produce such as wheat, corn, and other agricultural products, while making sure not to create “shocks” for Chinese agriculture.

While American markets have been rallying to record highs and Trump declared that negotiations for phase two of the trade deal will begin “immediately,” Chinese authorities have cautioned that this will depend on how phase one is implemented.

Speaking to CBS News on Sunday, US Trade Representative Robert Lighthizer described the Phase One deal as "totally done,"

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