Markets welcomed the partial deal, which lays the groundwork for a broader trade pact between the United States and China.
Trump said on Friday the terms will be written up over the course of three to five weeks.
"We've come to a deal on intellectual property, financial services, a tremendous deal for the farmers, a purchase of Dollars 40-50 billion worth of agricultural products".
China, he said, were purchasing products worth USD 16 or 17 billion at the highest point and that would be brought up to USD 40 billion to USD 50 billion.
Trump has yet to drop plans to impose tariffs December 15 on an additional $160 billion in Chinese products, a move that would extend the sanctions to just about everything China ships to the United States. President Trump labeled China a "currency manipulator" earlier this year after Beijing reportedly lowered the value of the yuan.
USA chief negotiator Trade Representative Robert Lighthizer said a dispute settlement mechanism was being finalised.
President Donald Trump meets with Chinese Vice Premier Liu He in the Oval Office of the White House in Washington, Friday, Oct. 11, 2019. "At the end of the day, if the two sides were not interested in having some progress, they wouldn't even be meeting today".
"I don't think it should be a problem getting it papered", Trump said, referring to the agreement.
He also said the agreement will include new measures on enforcement.
Trump tweeted earlier Friday that "good things" were happening in the meetings - and that if the countries did reach an agreement, he would be able to sign it without a lengthy congressional approval process. "But there is a significant amount of work to do".
Modi tells Xi relations are stable, differences manageable
On commerce, India and China are both facing a protectionist United States and want greater access to each other's markets. This year's one-in-one spelled "the start of a new era in India-China relations", PM Modi offered.
Homeland Security loses another top-ranking official as Kevin McAleenan walks away
President Donald Trump has said Kevin McAleenan is out as the acting secretary of the Department of Homeland Security . McAleenan had only been in the position since April, and was the fourth person to lead the department in two years.
Related lung injury may have 'more than one root cause,' CDC says
Most of the 573 patients whose data was available-76%-said they used THC-containing products, with or without nicotine. In Utah, health officials said the victim was under 30, and had also "vaped THC prior to their death".
Talks broke down in May over Beijing's insistence that Trump's punitive tariffs had to be lifted once a deal took effect. This would limit both countries from devaluing their currencies in order to gain an unfair competitive trade advantage. The Chinese regime, in response, exempted US pork and soybeans from additional tariffs, and has recently made big purchases of USA soybeans.
You know the drill, investors bought stocks on the news, driving the indexes sharply higher in the US, in a move that carried over to the Asian session. Crude oil prices rose, as did prices for key industrial metals such as copper and iron ore, often looked to as a barometer of the outlook for China's large industrial economy.
Trump, however, appeared to be more confident this time and said that it might be formally inked in Chile later this year.
The bruising battle over China's trade surplus and technology ambitions has disrupted global trade.
He said he was "excited" that farmers would experience a big economic boost as a result of the deal.
The trade war has lasted 15 months.
Beijing has been reluctant to make the kind of substantive policy reforms that would satisfy the administration. "For businesses, this will mean less damage, not greater certainty".
Chinese central bank chief Yi Gang also attended the trade talks.
Trump imposed curbs in May on sales of American components and technology to Huawei Technologies Ltd., China's first global tech brand.