(CNN) President Donald Trump says he's agreed to a "Phase One" deal with China that includes "many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more" -- effectively calling a truce in a war that has roiled financial markets and the US and Chinese economies.

On Twitter , Trump said some tariffs on Chinese goods would remain at 25% and said other tariffs would be reduced. He said a new round of tariffs set to take effect on Sunday would be canceled.

And he said negotiations over the next round of tariffs would begin immediately, and not after the 2020 election.

"This is an amazing deal for all. Thank you!" Trump wrote.

The deal -- if eventually finalized -- would amount to a boon for Trump's economic agenda. US and Chinese negotiators have been working for months to come to any type of agreement on easing a trade war that has roiled markets and caused global uncertainty. Major Chinese purchases of American farm products could bolster Trump among farmers.

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