"China and the United States have reached an agreement on phase one of the trade deal,” China's Vice Finance Minister, Liao Min, said.

Liao said the U.S. side has vowed to phase out some of its additional tariffs on Chinese products to achieve a "switch from hiking to cutting additional tariffs."

"China hopes the United States will fulfill its commitment," he added. "At the same time, China will take corresponding measures by not implementing the new tariffs planned for Dec 15," he said.