Washington and Beijing agreed to a “substantial” interim trade deal on Friday, averting a tariff increase on Chinese goods that had been planned for Oct. 15 and auguring an export windfall for US farmers, President Trump said Friday.

The president’s announcement came during a meeting with Chinese trade negotiators in the Oval Office.

“Lots of respect for President Xi,” Trump told reporters of China’s leader, Xi Jinping.

“So we’ve had a tremendous really, negotiation, a very complex negotiation, but something that’s going to be great for both countries,” Trump said.

Ultimately, the deal is “a great thing for world peace,” he said.

“You know there was a lot of friction between the United States and China and now it’s a love fest.”

Although the details still need to be committed to paper over the next four weeks — and then signed by both countries — the “phase one” agreement so far represents key concessions from Beijing.

It requires that over the next two years, Chinese imports from US farms will grow to an annual rate of $40 billion to $50 billion.

That’s double the $23.8 billion in US agricultural products that were exported to China in 2017, according to Department of Agriculture stats.

Currently, annual US farm exports to China are at $8 billion, Trump said.

“I’d suggest the farmers have to immediately go and buy more land, and get bigger tractors,” the president joked.

“They’ll be available at John Deere and a lot of other great distributors.”

He added, “I’m very excited for the farmer. There’s never been a deal of this magnitude for the American farmer.”

An agreement has also been struck concerning currency and China opening its market to American financial services firms, Treasury Secretary Steven Mnuchin said.

Intellectual property protections for US companies that do business with China have also been agreed upon.

“We have come to a deal on intellectual property,” Trump said.

The tentative deal averts a hike in tariffs from the current 25 percent up to 30 percent. The tariff will remain at 25 percent, officials said.

Trump has not made a decision yet on new tariffs on an additional $160 billion of goods that had been set to take effect on Dec. 15.

Advance hopes of a trade breakthrough had already resulted in a bump in stocks earlier this week.

Trump has previously imposed some $360 billion in tariffs on Chinese goods; China has imposed some $120 billion in counter-duties on US goods.

The president’s announcement came during a meeting with Chinese trade negotiators in the Oval Office.

“Lots of respect for President Xi,” Trump told reporters of China’s leader, Xi Jinping.

“So we’ve had a tremendous really, negotiation, a very complex negotiation, but something that’s going to be great for both countries,” Trump said.

Ultimately, the deal is “a great thing for world peace,” he said.

“You know there was a lot of friction between the United States and China and now it’s a love fest.”

Although the details still need to be committed to paper over the next four weeks — and then signed by both countries — the “phase one” agreement so far represents key concessions from Beijing.

It requires that over the next two years, Chinese imports from US farms will grow to an annual rate of $40 billion to $50 billion. That’s more than double the previous high-point of $16 to $17 billion. Currently annual US farm exports to China are at $8 billion, Trump said.

“I’d suggest the farmers have to immediately go and buy more land, and get bigger tractors,” the president joked.

“They’ll be available at John Deere and a lot of other great distributors.”

He added, “I’m very excited for the farmer. There’s never been a deal of this magnitude for the American farmer.”

An agreement has also been struck concerning currency and China opening its market to American financial services firms, Treasury Secretary Steven Mnuchin said.

Intellectual property protections for US companies that do business with China have also been agreed upon.

“We have come to a deal on intellectual property,” Trump said.

The tentative deal averts a hike in tariffs from the current 25 percent up to 30 percent. The tariff will remain at 25 percent, officials said.

Trump has not made a decision yet on new tariffs on an additional $160 billion of goods that had been set to take effect on Dec. 15.

Advance hopes of a trade breakthrough had already resulted in a bump in stocks earlier this week.

Trump has previously imposed some $360 billion in tariffs on Chinese goods; China has imposed some $120 billion in counter-duties on US goods.