But as U.S. Commerce Secretary Wilbur Ross held talks with Chinese negotiators in Beijing, Chinese officials say they will refuse to honour the agreement if they're faced with tariffs on their exports.
But Beijing warned all the results were premised on "not fighting a trade war".
While details are still being finalised, both countries worked to implement the consensus reached from earlier trade talks in Washington in various fields such as agriculture and energy, which Beijing says will be void if US President Donald Trump imposes in trade sanctions to keep up pressure.
The world's two largest economies have been at loggerheads over trade and industrial practices for months with the talks under way in the Chinese capital the third formal round of negotiations.
The two-day talks in Beijing which ended on Sunday followed an earlier round in Washington where officials had met to discuss the situation. At the meetings last week between lower-level Chinese and US officials, negotiations almost stalled as the two sides failed to reach an agreement on details for increasing Chinese purchases of USA crude oil, soybeans, natural gas, beef, and poultry.
Liu is also a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, and chief of the Chinese side of the China-US comprehensive economic dialogue.
Neither country has implemented the tariffs yet and continued discussions to find a way out of the impasse.
Further trade frictions between the United States and China could also create difficulties for Vice Premier Liu He, a close ally of President Xi Jinping. Washington's positions in the trade talks with Beijing have shifted as Trump's team of hardliners and more mainstream advisors compete to push their views. The talks were focussed on getting China to move ahead with its recent promises to increase energy and farm imports from the U.S.
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Following Beijing's announcement, US Treasury Secretary Steven Mnuchin said the dispute was "on hold".
The two countries have threatened tit-for-tat tariffs on goods worth up to $150bn each.
"The idea that we are somehow a national security threat to the United States is quite frankly insulting and unacceptable", he said.
The visit from the large USA delegation, with members from several executive branch agencies, came as fears of an all-out global trade war intensified after the European Union, Canada and Mexico drew up retaliatory measures to Washington's stinging steel and aluminium tariffs that went into effect on Friday. The U.S. team also wants to secure greater intellectual property protection and an end to Chinese subsidies that have contributed to overproduction of steel and aluminium.
Mnuchin had said on Saturday the United States wanted China to agree to structural change to its economy.
China too threatened a tit-for-tat retaliation but blinked in the end with a categorical undertaking to import more goods from the United States, sparking off concerns over the likely trade war between the two countries for its potential to create a cascading effect on the global trade order.
It's when countries attack each other's trade with taxes and quotas. He also pushed back against the argument that Canadian steel poses a US security threat.
The US pressure over technology policy reflects growing American concern about China's status as a potential competitor and complaints Beijing improperly subsidises its fledgling industries and shields them from competition.