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Trade war

Trump shelves October tariff hike after 'phase 1 deal' with China

President looks to ink agreements on trade with Xi next month

U.S. President Donald Trump holds a letter from China's President Xi Jinping during a meeting with China's Vice Premier Liu He in the Oval Office on Oct. 11, after two days of trade negotiations in Washington.   © Reuters

WASHINGTON -- The U.S. and China reached a truce in their trade war Friday, with President Donald Trump boasting of a "substantial phase 1 deal" after meeting with top negotiator Vice Premier Liu He at the White House.

The U.S. will not raise tariffs on Chinese goods as planned Tuesday in return for a major increase in farm product purchases by the Chinese side.

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