The G-20 Summit is over and the markets are happy.
The meeting between President Donald Trump and Chinese President Xi Jinping ended with both countries agreeing to hold off on upping tariffs.
TheStreet contributor Adam Smith covered the news when it was announced Saturday, Dec. 1.
The truce was confirmed by the White House after media earlier quoted Chinese state-run TV as saying the tariffs would be halted temporarily.
Trump agreed to leave the tariffs of some $200 billion worth of Chinese imports at 10% and not increase them has expected next month, said a White House statement.
China would agree to purchase a "not yet agreed upon, but very substantial," amount of agricultural, energy, industrial, and other products from the U.S., according to the statement.
Beijing will also buy agricultural products "from our farmers immediately," read the statement.
The two leaders also agreed to "immediately begin negotiations" on technology transfer, protecting intellectual property, non-tariff barriers, "cyber intrusions" and cyber theft, services and agriculture, according to the statement.
Trump and Xi expect to conclude their work on a deal within 90 days, but if they can't agree, tariffs would increase to 25%. In addition, Xi is "open to approving" a deal with Qualcomm (QCOM - Get Report) and NXP Semiconductors (NXPI - Get Report) in the future, would introduce criminal punishments for selling Fentanyl to the U.S., and continue negotiations around North Korea, said the statement.
Jim Cramer gave his insight on the outcome of the meeting and the market rally that followed the pause of the trade war.