Washington (CNN) US and Chinese negotiators reached a preliminary agreement Friday that will ease trade tensions, but it falls short of a comprehensive deal.

"We've come to a very substantial phase one deal," President Donald Trump announced in the Oval Office alongside Chinese Vice Premier Liu He Friday afternoon. "We've come to a deal, pretty much, subject to getting it written."

The deal, Trump said, amounts to a "love fest" after months of friction.

Finalizing the agreement on paper, Trump said, would take three to five weeks.

"We're going to be in Chile together in the big summit," he added, appearing to confirm a meeting with Chinese President Xi Jinping at the APEC summit next month.

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