Donald Trump announced a "very important agreement on phase 1" to resolve the longstanding trade dispute with China.
After a two-day meeting in Washington between US and Chinese officials on Friday, Trump announced a postponement of the draft increase customs duties on goods from an amount of $ 250 billion to 30% on October 15.
An additional 15% tariff on almost all remaining Chinese imports, including laptops, smartphones, shoes and clothing, is yet to be imposed on December 15, unless an agreement can be reached. concluded with Beijing.
Trump said progress had been made on allegations of currency manipulation, intellectual property theft and other problems. China has also agreed to increase its purchases of US agricultural products and further open its market to foreign financial services companies. The agreement has not been written yet and could take weeks to finalize.
Trump told the White House, "I think we have a lot of good faith right now." He said the agreement was more important than a trade agreement. "There was a lot of friction between the United States and China and now it's a lovers' holiday," Trump said.
Previously, Trump had tweeted that there were "warmer feelings" in the US-China trade negotiations. This news contributed to the rise in stock prices, the Dow Jones Industrial Average having collected 319 points and the S & P 500 breaking with a series of losses of three weeks.
"Good things are happening at the China Trade Talk Meeting. Feelings hotter than in the recent past, more like the Old Day, "Trump said on Twitter shortly after the resumption of negotiations for a second day.
"All would like to see something important happen!"
This week's talks are the 13th round of talks to end a 15-month-long trade battle between the world's two largest economies that has shaken the stock markets around the world.
The breakthrough came as negotiations appeared to be heading for another crisis after Washington banned Chinese technology companies from acquiring US property following Beijing's persecution of Muslim minorities.
The tensions were further exacerbated by a tweet from Daryl Morey, general manager of the Houston Rockets basketball team, in favor of the Hong Kong Democratic Movement.
US tariffs on hundreds of billions of dollars of Chinese goods are expected to increase Tuesday.
Even a partial victory would be a boon for Trump, who is facing a round of dismissal and scathing Congressional critics for his treatment of Kurdish allies in Syria, only the latest episodes of the perpetual White House turmoil.
But progress in trade negotiations has already taken place. Since the beginning of the trade war between China and last year, moments of courtesy and joy have been broken, giving way to a sharp deterioration in relations between the two sides.
In the spring, officials said that an agreement was more or less at hand, but that Washington had resumed tariff increases in May, accusing Beijing of reversing its fundamental commitments already recorded in writing.
In August, the US Treasury described China as a currency manipulator, accusing Beijing of deliberately weakening its currency for unfair trade benefits. The move came as part of the Trump campaign's crackdown on China, a country it accused of "violating" the US economy.
In Beijing, Foreign Ministry Spokesman Geng Shuang also told reporters on Friday that China hoped to "promote positive progress" in the negotiations.
This week's media reports outlined a partial deal that, if it did not deal with Trump's biggest complaints about China's business practices, would offer something for both parties.
China will continue to increase its purchases of US agricultural exports and abstain from currency manipulation, while Washington will suspend tariff increases, Bloomberg said.
China has so far rejected Trump's demands for profound changes in the way Beijing manages its economy, which analysts say could politically undermine the Communist Party.
In an editorial released Friday, the China Daily newspaper, owned by the party, said that a partial agreement "is a more achievable goal and one that would be in the common interest of both parties".
At the same time, the Trump administration has continued to examine how it could exert more pressure on Beijing beyond just taxing Chinese imports.
Washington accuses China of wanting to dominate the global industry through massive state intervention in markets, intellectual property theft, piracy and subsidies, accusations shared by the government. 39, Europe and Japan.
Larry Kudlow, one of the White House's top economic assistants, said this week that this could include increased regulatory control of Chinese companies operating in the United States.
The president added in a future tweet that he could also ignore the congressional approval process: "When the agreement is fully negotiated, I sign it myself on behalf of our country. Fast and clean!
Congress has not yet ratified the new North American trade pact signed by Trump last year.
Associated Press contributed to this article