According to aMay 19th article from the Agence France-Presse (AFP), China’s Vice-Premier Liu He announced the US and China “reached a consensus, will not fight a trade war, and will stop increasing tariffs on each other”. The AFP article cited Chinese state media for their article and here is the Cliffs Notes version:
1. Both the US and China will stop increasing tariffs against each other.
2. China agreed to increase purchases of US goods and services.
3. Joint statement did not address reducing the trade deficit with China.
4. New trade cooperation to medical care, high tech products and finance.
5. Each part will cooperate on protecting intellectual property rights
Will update as more news becomes available.