UPDATE 1-China to buy $50 bln in US farm products under deal, Trump says

China will likely hit $50 billion in purchases of U.S. agricultural products, U.S. President Donald Trump said on Friday after earlier announcing that he would roll back scheduled tariffs on Chinese imports as Washington and Beijing finalized an initial trade deal.

Trump, speaking to reporters at the White House, said his administration would leverage the remaining U.S. tariffs on imported Chinese goods as it seeks to negotiate a phase two trade deal with Beijing. He added that China wanted to start talks on the deal's second phase right away, a timeline he said he supported.

Washington and Beijing announced the tariff rollback earlier on Friday, weeks after both sides in October said they had reached an agreement on the "phase one" trade deal.

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