Trump, Xi reach deal on trade talks, China says

President Donald Trump and Chinese President Xi Jinping agreed Saturday to a new cease-fire in a year-long trade war between the two nations.

That’s according to the Xinhua Chinese state-run news agency. It says the two countries have agreed to reboot stalled trade talks and that the U.S. will hold off on threatened additional tariffs on Chinese goods.

Trump said earlier Saturday that the countries were “right back on track” and that he would be making an announcement on the results of his talks with Xi during an afternoon press conference.

U.S. officials had signaled that a restart in talks was the likely outcome of Trump’s meeting with Xi. The two leaders previously agreed to a truce at their last meeting in December to allow trade negotiations to continue, but talks broke down last month.