China and the US say they will halt imposing punitive import tariffs, putting a possible trade war "on hold".
The deal came after talks in the US aimed at persuading China to buy $200bn (£148bn) of US goods and services and thereby reduce the trade imbalance.
US Treasury Secretary Steven Mnuchin did not give figures , but said the US would impose tariffs worth $150bn if China did not implement the agreement.
Chinese Vice-Premier Liu He described the deal as a "win-win choice" .
He said dialogue was the way to resolve such issues and "treat them calmly" in the future.
