"We will begin negotiations on the Phase Two Deal immediately,rather than waiting until after the 2020 Election. This is an amazing deal for all,"he wrote in a tweet.
The truce was welcomed by the US business community,which has been calling on Trump to remove the tariffs on Chinese goods.
"For the first time in months,the United States and China are moving in the right direction on tariffs,and we congratulate negotiators from both sides for the progress they have made,"David French,National Retail Federation,said.
But he added that"the trade war won’t be over until they are eliminated completely"and said they"cannot be allowed to continue".
Wendy Cutler,vice president of the Asia Society Policy Institute,said:"This phase one China deal should go a long way in reversing the downward spiral in bilateral trade relations and increasing certainty for US businesses.
"Our trading partners around the world whom were feeling the pain of this trade war must also be breathing a sigh of relief."
Chuck Schumer,the Democratic Senate leader,said Trump had not secured enough concessions from China to make the trade war worthwhile.
"President Trump has sold out for a temporary and unreliable promise from China to purchase some soybeans,"he said.
"Once again,President Trump cannot be relied upon to do the right thing for American workers and businesses.
Democratic Senator Chris Murphy said the deal represented a"total capitulation"to China.
The Chinese officials said the US had also agreed to expand the number of Chinese products that are exempt from tariffs.
China was the largest importer of agricultural products in the world and would increase food imports from the US,said Ning Jizhe,vice chairman of the National Development and Reform Commission.
The two sides had agreed to the wording of a deal,which would cover nine areas:technology transfer,food and agriculture,financial services,exchange rate,expanding trade,dispute resolution and a final agreement.
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The Chinese officials said the US needed to expand its energy cooperation but it had to be based on market principles and World Trade Organisation rules.
Australian trade officials have been watching to see if any"managed trade"deal struck between the US and China would overlap with agricultural and energy products that China has traditionally purchased from Australia,particularly coal.
However there were few details in the announcement late on Friday night,Beijing time.
The text will still need to undergo a legal review and be signed.