The United States and China on Friday announced an agreement for a “Phase One” trade deal.

President Donald Trump announced on Twitter that the U.S. will cancel a round of tariffs originally schedule to take effect on December 15, but that the existing 25 percent tariffs currently in place on $250 billion in imports will remain. The White House will lower some existing tariff rates on other Chinese imports to 7.5 percent.

“We have agreed to a very large Phase One Deal with China,” President Trump’s tweet read. “They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods plus much more. The 25% tariffs will remain as is, with 7 1/2% put on much of the remainder.”

“The Penalty Tariffs set for December 15th will not be charged because of the fact that we made the deal. We will begin negotiations on the Phase Two Deal immediately, rather than waiting until after the 2020 Election. This is an amazing deal for all. Thank you!”

Chinese Commerce Vice Minister and Deputy International Trade Representative Wang Shouwen confirmed the agreement of a “Phase One” deal via press conference Friday morning.

Chinese Vice Minister of Agriculture and Rural Affairs Han Jun said China will increase agricultural purchases immediately, but did not specify a dollar amount.