President Trump portrayed the “Phase 1” agreement he announced on Friday with China with typical fanfare, describing the pact as “massive” and “the largest contract” ever signed.

“We made a fantastic deal,” Mr. Trump said during remarks on Tuesday at the White House.

There are good reasons to be skeptical about those claims. The deal appears likely to benefit American farmers by increasing Chinese purchases of agricultural goods and gives some other businesses more access to the Chinese market. But the “agreement in principle” is limited in scope, and exact details have yet to be put in writing — a process that has derailed negotiations with China in the past.

American officials said Friday that they would work with China on completing an initial agreement in the coming weeks, with hopes of signing a deal when Mr. Trump and President Xi Jinping attend a summit of global leaders in Chile in mid-November.

Here’s what we know so far about what the agreement might contain.

What’s in the Deal

Agricultural Products

From Mr. Trump’s perspective, the centerpiece of the pact is a commitment by China to buy $40 billion to $50 billion of American agricultural products per year. Administration officials said that target would be reached in the second year of the pact’s enactment.