"On Trade, President Trump has agreed that on January 1, 2019, he will leave the tariffs on $200 billion worth of product at the 10% rate, and not raise it to 25% at this time. President Trump and President Xi have agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture," the statement said.
Both parties have agreed that they would aim to have this transaction completed within the next 90 days.
"If at the end of this period of time, the parties are unable to reach an agreement, the 10% tariffs will be raised to 25%," statement added.
China has agreed to start purchasing agricultural products from US farmers immediately, the statement said.