Donald Trump said Friday that his administration had agreed to cancel a new round of tariffs on Chinese goods as part of 'phase one' of a broad trade deal, but insisted that earlier import taxes will remain in force.

In a press conference minutes earlier, however, China's State Council said it expected all U.S. tariffs on Chinese products to be phased out in stages.

Trump tweeted that '[t]he 25% Tariffs will remain as is, with 7 1/2% put on much of the remainder.'

'The Penalty Tariffs set for December 15th will not be charged,' however, 'because of the fact that we made the deal. We will begin negotiations on the Phase Two Deal immediately, rather than waiting until after the 2020 Election.'

President Donald Trump took a victory lap on Friday, announcing that his trade negotiators had reached 'phase one' of a deal with China

The president tweeted that the 'amazing deal' will involve Beijing making 'massive purchases' of U.S. energy, farm produce and manufactured goods

Trump called it 'an amazing deal for all.'

Markets spiked briefly after the Chinese press conference began, with the Dow Jones Industrial Average climbing 167 points before settling back down near its morning opening level.

The tepid reaction from traders may indicate Wall Street is holding back its enthusiasm until the Trump administration produces a signed deal that analysts can pore over.

But Chinese officials announced they have agreed on the text of 'phase one.'

They said the deal will provide more protection for foreign companies in China, and for Chinese companies in the United States.

Bloomberg reported that Chinese Vice Agriculture Minister Han Jun told reporters: 'Without doubt, to implement the agreement, our imports of American agricultural goods will increase significantly.'

The outlet said officials revealed the text of the nine-chapter deal covers details about 'intellectual property, forced technology transfer, food and agricultural products, finance, currency and transparency, boosting trade, bilateral assessment and dispute resolution.'

China's State Council held a mid-morning EST press conference—after 11:00 p.m. in Beijing—to frame the trade deal in the best light possible as American markets opened

Trump and Chinese President Xi Jinping have a warm relationship but have long sparred over the future of their countries' trading relationship

Friday came and went in Beijing without authorities commenting on a White House proposal that promised to suspend some tariffs in exchange for China buying more American farm goods.

The silence had raised questions over whether the two sides could reach a truce in their trade war before the new tariffs on roughly $160 billion of Chinese goods took effect Sunday.

Meanwhile Trump tweeted encouragement, saying Washington and Beijing were '[g]etting VERY close to a BIG DEAL. They want it, and so do we!'