President Donald Trump announced that the U.S. had reached a “Phase One” trade deal with China that included “massive” purchases of U.S. products and a reduction in some U.S. tariffs on Chinese imports.

…..The Penalty Tariffs set for December 15th will not be charged 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. This is an amazing deal for all. Thank you! — Donald J. Trump (@realDonaldTrump) December 13, 2019

The president, however, did not specify a dollar amount for the Chinese purchases of U.S. products. At a press conference in Beijing, Chinese officials confirmed that an agreement was reached but the officials were vague about what the agreement entailed and declined to specify what they would purchase.

President Trump’s tweet appeared to indicate that the U.S. would cut in half the 15 percent tariff on around $120 billion of Chinese goods that was implemented in September. A statement from the U.S. Trade Representative Friday morning clarified that that this was the case and that the $25 percent tariffs on other Chinese goods would remain in place.

Earlier reports indicated that the U.S. would reduce a broader range of tariffs, perhaps halving all of the current tariffs. In a tweet on Friday, Trump said a report about the deal from the Wall Street Journal was wrong.

The Wall Street Journal story on the China Deal is completely wrong, especially their statement on Tariffs. Fake News. They should find a better leaker! — Donald J. Trump (@realDonaldTrump) December 13, 2019

The Wall Street Journal had reported:

Michael Pillsbury, an adviser to the president, said he spoke with Mr. Trump, who said the deal calls for China to buy $50 billion worth of agricultural goods in 2020, along with energy and other goods. In exchange the U.S. would reduce the tariff rate on many Chinese imports, which now ranges from 15% to 25%. The Wall Street Journal reported earlier Thursday that the U.S. side has offered to slash existing tariff rates by half on roughly $360 billion in Chinese-made goods, in addition to canceling the tariffs on $156 billion in goods that Mr. Trump had threatened to impose on Sunday. That offer was made to Beijing in the past five days or so.

Although a deal was reportedly agreed to on Thursday, President Trump waited to comment on the deal until China announced it on Friday morning. China’s announcement, however, was surprisingly vague about details and is already leading many to question whether their really has been a meeting of the minds with the U.S.

The U.S. Trade Representative on Friday morning described the “Phase One” trade deal as “historic and enforceable.”