President Trump has signed a phase 1 agreement on US-China trade talks, Bloomberg reported.

The agreement, which the US trade negotiators reported to President Trump, included China's commitment to expand US agricultural purchases, according to multiple sources.

President Trump also tweeted that "we are very close to a big deal with China," suggesting that the United States may suspend the additional tariffs it has decided to impose on Tuesday.

The two countries have reconciled the details after signing significant summits in October, after making significant progress on the first phase of the trade negotiations.