China suspends additional retaliatory tariffs on U.S. goods

China announced Sunday that it is postponing additional tariffs on U.S. automobiles, corn, wheat and other goods that were set to take effect on Dec. 15, Reuters reports.

The big picture: The U.S. and China agreed to a "phase one" trade deal last week in which Washington agreed to delay a tariff hike on $160 billion of Chinese products that was also planned for Dec. 15. In exchange, Beijing agreed to increase imports from the U.S. by at least $200 billion over the next two years, including agricultural goods.

Go deeper:

• U.S. and China reach "phase one" trade deal to avert December tariffs
• The cost of Trump's tariffs