The two leaders are meeting again in Washington on Wednesday to sign the deal.
Express firm UPS said it applauded the negotiators from the USA and China on reaching a phase one trade agreement that "lays the foundation for successful and inclusive trade". Before it began, China was the leading buyer of American beans, importing about 30 percent of all the soy grown in the United States. In exchange, China has agreed to buy a lot more American products while making some changes in its own economy.
Liu noted that the phase-one deal is in line with the World Trade Organization (WTO) rules, and that it is neither directed at nor will affect the lawful rights and interests of any third party.
"It's not everything", he acknowledged.
The deal is a boon to US President Donald Trump, who faces an impeachment trial and a tough reelection fight later this year.
TRUMP: We're delighted that the Chinese consumers will now enjoy the greater access to the best products on Earth, those made, grown and raised right here in the United States of America.
Beijing has a history of backsliding on such pledges. China also canceled scheduled tariffs.
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The agreement "bears both economic and political significance", he said. "If they don't comply with the agreement, the president retains the authority to put on tariffs".
"These tariffs will stay in place until there is a phase two", Treasury Secretary Steven Mnuchin told FOX Business' Lou Dobbs.
"The phase one deal is done, but now the question is will China actually buy more agricultural products - and how much more?" said Burt Schlichter, senior market strategist at Daniels Trading, a brokerage firm in Chicago.
Although the U.S. will reduce some tariffs on Chinese products, $250 billion of Chinese imports will still be subject to a 25% tariff, while $125 billion of Chinese goods will be subject to a 7.5% levy. That is over and above what China bought in 2017 before the trade war started. That loss was only partially offset by federal aid for affected farmers.
Chinese state-run newspapers hailed the signing of the "hard-fought agreement", but warned that it would "not take much to banjax the deal" and bring tensions to a head again.
"The biggest hill was getting phase one".
"I'm expecting we'll get those markets back up fine and quickly", Perdue said.
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China has agreed to buy $200 billion worth of USA farm and other products over two years. That would represent an increase of more than 50%.
The U.S. has agreed to halve 15% duties on $120 billion of imports and delay others in return for Chinese promises to make structural reforms and purchase an additional $200 billion in American goods and services over the next two years.
The purchases will include up to $50 billion of USA agriculture, according to Trump and Treasury Secretary Steven Mnuchin, $40 billion of which has been confirmed by Chinese sources.
Speaking in Washington, US President Donald Trump hailed the pact as a "really momentous breakthrough".
"I look forward to continued negotiations of Phase Two of the agreement as we continue to promote smart, fair, and beneficial trade policies with China and other countries around the world".
Even so, 'The truce is good news for the USA and the world economy'. "In other words, it's entirely up to the United States to decide on the threshold for action".
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