The deal includes a delay in the planned new round of tariffs scheduled previously for 15 December. Earlier in the day, President Trump said that the United States and China were on the verge of signing an agreement on bilateral trade, Trend reports citing Sputnik.
US negotiators have reached a phase one trade agreement with China, Bloomberg reported on Thursday.
The deal is now awaiting the signature of US President Donald Trump.
It also envisions the delay in the next arrangement of American-imposed tariffs on China.
Previously, the White House announced that the deal was being prepared, but there was no timeline set for when it would be finalised.
Washington and Beijing earlier agreed to ink a phase one agreement, but its prospects were hampered after the US introduced a Hong Kong bill which prompted China to sanction US NGOs and restrict the access of US warships and military aircraft to the territory.
The Phase One deal is expected to cover key trade issues, including intellectual property, financial services and US agricultural exports.