President Donald Trump reportedly signed off on a proposed trade deal between the U.S. and China on Thursday, according to multiple reports.
"We've come to a very substantial phase one deal," President Trump said.
In October, President Trump announced the general outline of the "phase one" deal. The administration previously said the deal does not address issues with Huawei Technologies, the Chinese tech giant blacklisted by the U.S. government. But it's not clear whether that's still the case.
According to Bloomberg, which first reported it, the deal delays new tariffs on $160 billion in Chinese imports. Those tariffs were scheduled to take effect Sunday. Some current U.S. tariffs would also be halved.
In return, China will purchase $50 billion on U.S. agricultural products, according to The Washington Post.
U.S. stocks rose after President Trump tweeted that the U.S. is "very close to a big deal with China."
Additional reporting from Newsy affiliate CNN.