China has also pledged in the agreement to better protect US intellectual property, to curb the coerced transfer of American technology to Chinese firms, to open its financial services market to USA firms and to avoid manipulation of its currency.
A date for senior USA and Chinese officials to formally sign the agreement is being determined, Lighthizer said.
Soybeans were the biggest USA farm products shipped to China in 2017, with cargoes totalling $12 billion in value.
Lighthizer also said a claim by Trump that China was committed to buying $50bn of United States agricultural goods was "absolutely" in writing as part of the deal.
While China's trade delegation has expressed optimism about the deal, some government officials are cautious.
"(The deal) is a phased achievement, and does not mean that the trade dispute is settled once and for all", said a source in Beijing with knowledge of the situation. Translations were still being worked out but he did not expect any changes to the final Phase One agreement, he added.
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And to the extent that Trumka and labour comes out and says that this is an improvement, I think that that will be unifying". The Democrats announced support for the deal the same day they introduced articles of impeachment against U.S.
Soybeans made up half of China's agricultural purchases in 2017.
He said the $50 billion in additional purchases of American agricultural products by China is spelled out in writing in the agreement.
"Look at Trump and Lighthizer, they are very happy".
Trump later told reporters at the White House that he thought China would hit US$50 billion in agricultural purchases, repeating a promise he made to USA farmers in October.
China suspends entry into force of 10% and 5% taxes on certain United States imports, and "continues to suspend additional taxes on US-made cars and parts", the Chinese ministry said on Sunday finances, Teller Report said on its website.
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"No such offer was ever made to China by the United States".
Asked if officials still planned to sign the deal the first week of January, Kudlow said: "That's the hope".
"It seems the market has now fully priced (in) the phase one trade agreement, so we are going to need further news if we are going to push through the important (technical) resistance that is just ahead", said Michael McCarthy, chief market strategist at CMC Markets.
Speaking at a joint press conference with Slovenian Deputy Prime Minister and Foreign Minister Miro Cerar, Wang said China has, as always, been opposed to settling economic and trade disputes by imposing tariffs as there is no victor in a trade war.
Lighthizer also added that phase one of the deal would not solve all of the problems between the United States and China as integration between the two nations would "take years".
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