Under the new regime, 60% of trade will come into the UK tariff free on WTO terms or through existing preferential access from January 2021, the government said.

Sunday's announcement came after Washington agreed to postpone a planned tariff hike on $160 billion of Chinese goods and to cut in half penalties that already were imposed.

In a tweet posted just after 6 a.m., Trump said the countries have been "presiding over a massive devaluation of their currencies" which he says is bad for American farmers.

By taxing imported steel, Trump risked raising costs for the many U.S. industries that use steel, straining ties with American allies and defying the limits of his authority to unilaterally punish trading partners.

The administration agreed to suspend a tariff hike on $250 billion worth of Chinese imports that was set to take effect Tuesday. And China agreed to buy up to $50 billion in U.S. farm products.

The move by U.S. officials could make it easier for both Apple and small makers of gaming computers to assemble devices in the United States by lowering the costs of importing parts.

It is the latest sign of easing tensions before a new round of talks aimed at curbing a bruising trade war.

The Chinese Commerce Ministry gave no details but said the two sides want to create “favorable conditions.”

China's new ambassador to the United Nations says that U.S. sanctions and increasing tariffs hurt China and the world, and definitely are not "in the long-term interest of the United States."

The meeting ended about 40 minutes ahead of schedule.