After 15 months of trade talks between Washington and Beijing, the two sides have "come to a very substantial phase one deal," US President Donald Trump told reporters on Friday.

Trump did not provide details and said the accord has yet to be put in writing. However, the US president said that it would include intellectual property rights and financial services.

"You're very tough negotiators," Trump told the Chinese delegation.

The leader of the Chinese team, Vice Premier Liu He, said he was happy about the outcome.

"We will continue to make efforts," he told Trump in the Oval Office.

More breathing room on tariffs

The deal prompted the US to suspend a tariff hike on $250 billion (€226.5 billion) in Chinese goods which was set to go into force next Tuesday. The US will also consider revoking its currency manipulation designation against China, said Treasury Secretary Steven Mnuchin.

However, according to Mnuchin, Trump has yet to make a decision on additional tariff hikes set to go into effect in December.

China reportedly pledged to step up buying of farm products.

Trump's tariffs and who they target Solar panels and washing machines The first round of tariffs in 2018 were on all imported washing machines and solar panels — not just those from China. A study by economists from the Federal Reserve Bank of New York, Columbia University, and Princeton University found that the burden of Trump's tariffs — including taxes on steel, aluminum, solar panels falls entirely on US consumers and businesses who buy imported products.

Trump's tariffs and who they target China hike On Friday May 10, 2019 President Donald Trump imposed sanctions on $200 billion (€178 billion) worth of Chinese goods. The move raised tariffs from 10% to 25% on a range of consumer products, including cell phones, computers and toys. China's Commerce Ministry said it "deeply regrets" the US decision.

Trump's tariffs and who they target Issues with the EU In April 2019, the United States said it wanted to put tariffs on $11.2 billion worth of goods from the EU. The list includes helicopters and aircraft from Airbus as well as European exports like famous cheeses such as Stilton, Roquefort and Gouda, wines and oysters, ceramics, knives and pajamas.

Trump's tariffs and who they target EU fights back The EU imposed import duties of 25% on a $2.8 billion range of imports from the United States in retaliation for US tariffs on European steel and aluminum. Targeted US products include Harley-Davidson motorcycles, bourbon, peanuts, blue jeans, steel and aluminum.

Trump's tariffs and who they target European automakers next? May 17, 2019 is the deadline for President Trump to decide on imposing tariffs on vehicle imports from the EU. According to diplomats, Germany, whose exports of cars and parts to the United States are more than half the EU total, wants to press ahead with talks to ward off tariffs on automakers Volkswagen, Mercedes and BMW.

Trump's tariffs and who they target India not exempt India, the world's biggest buyer of US almonds, on June 21, 2018 raised import duties on the nuts by 20% and increased tariffs on a range of other farm products and US iron and steel, in retaliation for US tariffs on Indian steel. Trump said last month that he would end preferential trade treatment for India, which would result in US tariffs on up to $5.6 billion of imports from India.

Trump's tariffs and who they target North American neighbors in tariff spat Mexico on June 5, 2018 imposed tariffs of up to 25% on American steel, pork, cheese, apples, potatoes and bourbon, in retaliation for US tariffs on Mexican metals. While to the north, Canada on July 1 imposed tariffs on $12.6 billion worth of U.S. goods, including steel, aluminum, coffee, ketchup and bourbon whiskey in retaliation for US tariffs on Canadian steel and aluminum.



Bigger deal coming?

US media reported that the preliminary deal should serve as a stepping stone for a more comprehensive accord which would be signed by Trump and Chinese President Xi Jinping later in the year.

Chinese Vice Premier Liu He met with US Trade Representative Robert Lighthizer and Mnuchin on Friday. Before personally meeting with the Chinese prime minister, Trump tweeted that "[g]ood things" were happening.

"Warmer feelings than in recent past, more like the Old Days," he wrote. "All would like to see something significant happen!"

The trade war has so far resulted in US tariffs on over $360 billion of Chinese imports and retaliatory Chinese tariffs on $120 billion of American goods, mostly farm products. This week, the White House upped the ante by restricting travel for senior Chinese officials and blacklisting 28 Chinese companies over China's persecution of Muslim Uighurs.

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