However, after the phase one agreement, the US still keeps in place high tariffs on about $360 billion worth of Chinese imports, including Chinese industrial goods and components used by US manufacturers.

In his talks, the US president took time to thank a long list of US officials, including US Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin, and his daughter Ivanka and son-in-law Jared Kushner, who were among about 200 representatives from business, government and diplomatic circles attending the event.

In his speech, Liu said that over the past two years, the two sides encountered some difficulties in the economic and trade fields, and at times, there were setbacks in their trade talks because, on some issues, "we don't see eye to eye".

However, the two economic teams didn't give up, and with relentless efforts from both sides and with the larger picture in mind, they have taken a serious approach to their differences and worked to manage them appropriately, reaching the phase one deal.

"This is a mutually beneficial and win-win agreement," Liu said. "It will bring about stable economic growth, promote world peace and prosperity, and is in the interest of the producers, consumers, investors in both countries."

After the signing, China will work with the US in the principle of equality and mutual respect, strictly honor the agreement, accommodate each other's core concerns, and ensure the good implementation of the deal, Liu said.

Liu also said China will continue to enhance the legal environment and step up the protection of property rights and intellectual property.

"China will open itself even wider," he said.

The US-China Business Council (USCBC) said in a statement on Wednesday that the phase one agreement is a "concrete step" toward restoring stability and trust in the overall US-China relationship.

"This is an encouraging first step that should benefit many of our members," USCBC President Craig Allen said. "But the work isn't done yet. Implementation of the agreement will be critically important. Moreover, the phase one agreement should be swiftly followed by continued phase two negotiations on remaining issues."