Trump Reaches ‘Phase One’ Deal With China and Delays Planned Tariffs

WASHINGTON — President Trump said Friday that he had reached a “substantial” deal with China that will forestall a planned tariff increase on Oct. 15, providing a temporary détente in a yearlong trade war.

Mr. Trump, speaking from the Oval Office, said the two sides had reached a verbal “phase one” agreement that would take several weeks to write and could be signed by both sides in November.

The initial deal, which Mr. Trump said had been reached “in principle” would involve China buying $40 billion to $50 billion worth...