China announced that a phase one trade deal has been reached with the United States.

The Beijing government held a news conference on Friday night and announced that the two sides have agreed on the text of a phase one trade agreement.

The text consists of nine chapters based on the principle of equality and mutual respect.

It includes sections on intellectual property rights, technology transfer, food and agriculture, finance, boosting trade, currency and transparency, and bilateral assessment and dispute resolution. 

The U.S. has been pressing China for the protection of intellectual property rights, a ban on forced technology transfers and the exchange rate involving the Chinese yuan.

China has stressed it can increase imports from the U.S. of not only agricultural produce but also in services and energy such as crude oil and natural gas.

But Beijing underlined the need to abide by market principles and World Trade Organization regulations.

It also said the U.S. will roll back tariffs on Chinese goods in stages.

Speaking to reporters at the White House on Friday, President Trump also confirmed the agreed deal but said 25 percent tariffs will remain on 250 billion dollars worth of Chinese goods as a leverage for future negotiations on the next phase deal. 

He added that talks on the phase two deal will begin immediately rather than waiting until after the 2020 election.