Back in Beijing, the state-run Xinhua News Agency reported that "China and the United States have agreed on the text of a phase one economic and trade agreement based on the principle of equality and mutual respect".
Friday's announcement means that the US will continue to levy 25% import taxes on $250 billion in Chinese goods and will halve the tariffs on another $112 billion to 7.5%.
Negotiators have been working on the terms of the phase-one deal for months after Trump announced in October that the two nations had reached an agreement that could be put on paper within weeks.
Under a deal expected to be announced Friday, the U.S. will also reduce existing tariffs on many Chinese imports which now ranges from 15 percent to 25 percent on items like washing machines and solar panels.
In August, China said it would impose 5 percent and 10 percent in additional tariffs on $75 billion of US goods in two batches.
Trump has changed his mind on deals with China before. He made the official announcement Friday morning.
The deal awaits final approval from President Donald Trump.
The deal, which has already been approved by President Donald Trump, will stop tariffs of 15 percent set to kick in on Sunday on $160 billion in Chinese-made goods, including toys, electronics, phones and clothes, Reuters said.
He has repeatedly said the negotiations are going well, even as trade officials struggled to reach a deal.
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With a more wealthy middle class, more Chinese have greater expectations of diverse, affordable and convenient consumer products, and China looks forward to expanding its import of high-quality USA goods and services in areas such as manufactured goods, food, medical care and finance, said Mr Ning Jizhe, vice-chairman of the National Development and Reform Commission, China's state planner. "They want it, and so do we!" he wrote.
The December tariff increase was feared to have been a potential drag on USA consumption, especially around the holiday shopping season, as many consumer goods including laptop computers, cellphones, toys and video game consoles would be affected.
Trump tweeted, "we have agreed to a very large Phase One Deal with China".
The U.S. has been pushing for Beijing to commit to buy $50 billion in agricultural products in 2020, a figure that Chinese officials have previously balked at.
The minority leader, who has long called for a tougher stance on China and has praised Trump for his stronger dealings, further attacked the president in a statement.
The Business Roundtable, a group of chief executives of the largest US companies, said "This de-escalation in trade tensions is a positive step toward resolving important trade and investment issues between our two nations".
"We've heard this song and dance from China before", Schumer said.
Should the deal survive, Trump can tout the import pledge as spoils of his trade war to shore up electoral support among Midwestern farmers. Gao declined to comment on possible retaliatory steps if Washington imposes more tariffs on Chinese goods this weekend.