Updated at 5:06 PM ET
President Trump on Friday announced what he calls "Phase 1" of a larger trade deal with China.
As part of the deal, a tariff increase planned for next Tuesday will not be imposed. The U.S. was scheduled to raise tariffs on about $250 billion worth of goods on Oct. 15 from 25% to 30%.
The specifics of the deal are still being hammered out, and they haven't been signed yet. President Trump said he hopes that will happen in the next month or so. The leaders of the U.S. and China are expected to meet in November.