(Bloomberg) — President Donald Trump said the U.S. and China reached a “phase one” agreement Friday to broker a truce in the trade war.
Under the pact, the U.S. is suspending a planned tariff increase for Oct. 15, and China agreed to some agricultural concessions.
Still, he told reporters at the White House on Friday that the deal isn’t in writing yet. Trump said it will take three to five weeks to put on paper.
While the limited agreement may resolve some short-term issues, several of the thorniest disputes remain. U.S. goals in the trade war center around accusations of intellectual-property theft, forced technology transfer and complaints about Chinese industrial subsidies.
Treasury Secretary Steven Mnuchin said the initial deal includes opening markets to financial services firms.
(Updates with tariffs in second paragraph.)