( File photo )

Buoying stock prices and industry hopes on Oct. 11, China and the U.S. have agreed to what President Trump called a “very substantial phase-one deal” to take heat out of the trade war that began last year.

According to a report by Fox News, Trump told reporters the deal will be hammered out over the next few weeks, and will include provisions on intellectual property, financial services and $40-$50 billion related to China’s purchases of agriculture products.

Trump said the U.S. will cancel plans to further raise tariffs on Chinese imports on Oct. 15 as part of the agreement.

Richard Owen, vice president of global membership and engagement for the Produce Marketing Association, said that PMA is pleased that President Trump has delayed the next round of tariffs on Chinese imports.

“Fresh produce exports from the United States have already been significantly impacted by the China-U.S. trade war,” he said in an e-mail.

“A hike by the U.S. from 25% to 30% would have no doubt resulted in retaliation from China and added more salt to the wound. We look forward to seeing the details of the ‘phase 1’ deal that was reached earlier today by the two sides.”