The U.S. and China said they have agreed to the details of the first phase of a broader trade agreement, a move that will see the U.S. reduce tariffs and at least temporarily calm fears of an escalating trade war between the world’s two largest economies.

The deal announced hinges on China increasing purchases of American farm goods such as soybeans and pork, and making new commitments on intellectual property, forced technology transfer and currency. Speaking to reporters in Washington, U.S. President Donald Trump said he expects China's agriculture buying to hit $50 billion annually "pretty soon."

The U.S. will also suspend new import taxes that were set to take effect on Sunday covering $160 billion of products such as smartphones and toys, U.S. Trade Representative Robert Lighthizer told reporters Friday. The Asian nation committed to increase imports of U.S. goods and services by no less than $200 billion more than the 2017 level over the next two years, he said. That would be more than double the $187 billion in goods and services the U.S. exported to China in 2017.