A tariff ceasefire has been declared between the U.S. and China, following a highly anticipated meeting between President Donald Trump and Chinese President Xi Jinping at the G20 Summit in Japan.

According to Business Insider, the agreement officially halts the remaining tariffs that Trump had threatened to levy against China if they failed to make progress at the G20 meeting: tariffs that would have cost $300 billion dollars in total. President Trump was quoted as saying, “We had a very good meeting with President Xi of China. As good as it was going to be. We discussed a lot of things and we're right back on track. And we'll see what happens, but we had a really good meeting.”

The deal comes amid intense pressure from both countries’ economies to pullback on trade restrictions, which have stunted growth and market sentiment, not only in the two countries but around the world (see On The Record: Canadian Ag Equipment Market Struggles Amid Weather & Trade Concerns.)

Farmers and manufacturers have been hit especially hard amid the trade war, particularly with steel surcharges. Back in May, the Assn. of Equipment Manufacturer’s Kip Eideberg spoke with NPR on the damage that the tariffs had done to American manufacturing, saying, “. . . in the short term, we're seeing some real pain for equipment manufacturers. In fact, we forecast that, with these additional tariffs and the ones that we've already facing on steel, aluminum and Chinese inputs, the industry stands to lose about 400,000 jobs over the next 10 years.”

This trade agreement follows the news in May when the USDA unveiled a $14.5 billion relief strategy for American farmers impacted by the trade war (to see how the trade war has impacted the U.S. export of soybeans, see China’s Increased Soybean Imports from Brazil & Canada Do Not Fully Offset Lost U.S. Imports.)