President Donald Trump says the U.S. and China have reached an interim Phase 1 trade deal.

That announcement is seen as de-escalating a 17-month dispute between the economic powers.

Trump says the U.S. is dropping plans to impose tariffs Sunday on $160 billion in Chinese imports.

The U.S. also is reducing some existing tariffs on Chinese goods.

Trump says the Chinese have agreed to "massive'' but unspecified purchases of American farm and manufactured products.

Enter your number to get our free mobile app