After a course of negotiations between China’s Vice Premier Liu He and President Trump, the White House announced that “phase one” of a trade deal between the nations had been verbally agreed to. The deal reportedly includes provisions for China to purchase increased amounts of U.S. agricultural products, take certain intellectual proper measures, and make reforms related to financial services and their currency. In exchange, the U.S. will put off a scheduled tariff increase.

While the apparent breakthrough in negotiations has been largely welcomed, China wants to continue working out some details of the agreement through further talks before a final deal is signed. This likely reflects China’s desire to have the U.S. call off a set of tariffs slated to be imposed in mid-December. The actual substance of the deal is expected to materialize over the coming weeks.