SHANGHAI (Reuters) – China has suspended the planned additional tariffs on some U.S. goods that were meant to be implemented on Dec. 15, the State Council’s customs tariff commission said on Sunday, after the two countries agreed a “phase one” trade deal on Friday.

The statement was issued on the websites of government departments including China’s finance ministry as well as by state media outlets such as Xinhua.

China hopes, on the basis of equality and mutual respect, to work with the United States, to properly resolve each other’s core concerns and promote the stable development of U.S.-China economic and trade relations, the statement added.

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