It's good news for U.S. farmers  that's what Donald Trump said about "the China deal" during a press conference in the White House. "It's a phase one deal, but a lot of big things are covered. And I say, affectionately, the farmers are going to have to go out and buy much larger tractors because it means a lot of business, a tremendous amount of business."

While China will also ramp-up purchases of U.S. manufactured goods, energy, and services, the agricultural sector is a major focus. Once the deal is signed, China will import more American agricultural products including soybeans, pork, poultry, wheat and corn. In return, the U.S. will import pears, oranges and fresh dates from China.

"There is no doubt that the implementation of the agreement will also significantly increase our agricultural imports from the U.S. China is now the world's largest importer of agricultural products. With the improvement in people's living standards, our demand for high-quality agricultural products is strong, and imports in this area will further expand," Han Jun, Chinese Vice Minister of Agriculture and Rural Affairs said on Friday.

U.S. farmers have been especially hard hit by tariffs in this ongoing trade war. Nancy Kavazanjian from the Wisconsin Soybeans Association said she was really glad to hear that the U.S. is finally making some progress in China. "It's been a long time coming. It was supposed to be easy to win this trade war. We didn't win it yet and it hasn't been easy. It's certainly been one of the most painful things I as a farmer personally experienced and my colleagues have experience."

American farmers are welcoming the news, although with a tinge of caution, according to Burton Eller who raises beef cattle and grows grass and hay in Virginia. "I think all of agriculture in rural America are guardedly excited. The old trust, but verify, there, though, is in the back of all of our minds that we need to see the details. It's fun. And after all this time, and we've looked forward to this moment for a long, long time."

FAO Economics Chief Economist, Robert Brusca, also says devil is in the details and they've yet to be made public. "So, you know, I think that you have to look at the deal for what it is. I think it is a deal. I think that both sides are making progress from moving back toward a fairer free trade environment."

Both China and the United States agree this first phase is critically important, and could set the tone moving forward in what has been a lengthy and tense standoff.