The United States appears to have reached a ceasefire in its trade war with China. The two countries confirmed completion of a first phase for an agreement to address trade concerns.

The trade deal includes a commitment by Beijing to increase purchases of American agriculture and energy products while placing limits on China’s currency manipulation. A Trump administration official praised the agreement in a televised interview over the weekend but admitted that the agreement was limited and only the first of several phases.

 “This is a first step in trying to integrate two very different systems, to the benefit of both of us,” said Robert Lightizer in an interview on CBS’s “Face the Nation.” He confirmed that the deal would leave many existing tariffs in place, so it is only a partial victory. But Mr. Lightizer forecast that once the agreement goes into effect in January, Chinese purchases of American-made products would increase by more than $100 billion a year.

The Chinese government cancelled its plans to impose further retaliatory tariffs against the United States. Beijing’s Finance Ministry announced over the weekend that it had rescinded plans to impose tariffs of 5 to 10 percent on a range of American products including flavored tea, electric clocks, and navigational radars.

The deal, if it goes ahead as planned, will prevent a trade war escalation. The bombardment of more tariffs next year would have been a huge drag on the economy. Phase one isn’t a huge victory, but it should give investors, consumers, and manufacturers a merrier Christmas.