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Photo: Artyom Ivanov/TASS via Getty Images

The U.S. and China agreed to a "phase one" trade deal on Friday, which President Trump touted in a series of tweets.

The state of play: The deal averts a new round of tariffs scheduled to go into effect on Dec. 15, and a Chinese official said that the U.S. would reduce its tariffs on Chinese goods in stages, per Bloomberg. The deal includes an agreement from China to increase imports from the U.S. and purchase agricultural goods.

  • Sunday's tariffs on $160 billion of Chinese imports would have directly affected consumer goods such as cell phones, laptops, video game consoles and toys.
  • The president, who called the deal "amazing," also said that he would "begin negotiations on the Phase Two Deal immediately, rather than waiting until after the 2020 Election."

Our thought bubble, via Axios' Dan Primack: This is Trump trying to save face. The deal seems to basically be an agriculture purchase agreement — and does little to address the core issues that the president supposedly cares about.

  • China wanted and needed to purchase the agricultural goods anyway.
  • The dropped December tariffs also don't really have an impact on American consumers during the holiday season, as those goods have already been imported.

The big picture: The 17-month U.S.-China trade war has lacked significant breakthroughs, causing major market uncertainty and hammering the U.S. manufacturing industry.

  • Recent data, however, has shown China's economy is also taking a hit, giving Beijing extra incentive to strike a deal that would delay the December tariffs.

Between the lines: Optimism for a trade war reprieve was low in the wake of Trump's suggestion earlier this month that he "liked the idea" of waiting until after the 2020 election to strike a deal with China.

  • A source close to Trump's negotiating team also told Axios' Jonathan Swan that the China deal had been stalled as a result of legislation from Congress expressing support for anti-government protestors in Hong Kong, which infuriated Beijing.

Go deeper: The trade war is working — kind of

Go deeper

North Carolina Sheriff's deputy fatally shoots Black man

A Black man was fatally shot by a North Carolina sheriff's deputy in Elizabeth City, northeast of Raleigh, on Wednesday, igniting protests in the local community.

Details: Pasquotank County Sheriff Tommy Wooten said at a news briefing the State Bureau of Investigation was investigating the shooting of Andrew Brown Jr., which happened about 8:30 a.m as deputies were serving a search warrant.

Pew: Over 80% of Asian adults say violence against them is increasing

Photo: Spencer Platt/Getty Images

More than 80% of Asian adults say that violence against them is increasing, according to a new Pew Research Center survey.

The big picture: The survey, conducted April 5-11, comes after the recent shootings in Atlanta in which eight people, including six Asian women were killed, as well as a yearlong spike in hate incidents against the Asian American and Pacific Islander (AAPI) community.

China's government tied to new hack attacks targeting U.S. government

A member of the hacking group Red Hacker Alliance monitoring global cyberattacks on his computer at their office in Dongguan, China's southern Guangdong province. Photo: Nicolas Sfouri/AFP via Getty Images

The Chinese Communist Party is believed to be responsible for newly found hack attacks on the U.S. government, businesses and American infrastructure, cybersecurity company Mandiant said Wednesday.

Why it matters: This is the third major cybersecurity breach to hit the U.S. in recent months — including two in March blamed on hackers linked to China's government: one targeting 30,000 U.S. victims, including small businesses and local governments, the other hitting Microsoft.