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As part of the deal, the next round of 30% tariffs will not be imposed. More agriculture trade between the two countries is expected.
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Trump's trade wars and ethanol policy hurt farmers, but polls show his support among them remains strong, and may be growing as the impeachment query moves forward.
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China's economic growth has been slowing down for years. Tariffs have contributed to slower growth since early 2018, when the economic standoff began, but it's hard to pinpoint how much.
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President Trump recently tweeted that American companies would be better off without China. But many American companies earn a significant portion of their profits there.
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President Trump's move came after Beijing announced tariffs on $75 billion worth of autos and other U.S. goods. In a tweet, he also "ordered" U.S. companies to stop doing business with China.
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The Trump administration is postponing some tariffs on Chinese imports set to take effect on Sept.1. Tariffs on laptops, cellphones, some clothing and other items are now set to begin Dec. 15.
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President Trump said the United States will impose a new 10% tariff on $300 billion worth of goods imported from China, saying Beijing had broken some of the promises it made in trade negotiations.
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The U.S. growth rate fell to 2.1% in the second quarter amid a slowdown in exports. The Trump administration has targeted a growth rate of 3% or above, citing the Republican tax cuts passed in 2017.
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The Trump administration has released details of a $16 billion plan to compensate farmers who've lost money as a result of the trade dispute with China. Some economists say it's too generous.
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President Trump said the two countries would "continue the negotiation." He said the U.S. would keep existing tariffs in place, but would not impose new tariffs on Chinese imports.