China announced the agreement late on Friday.
At a news conference in Beijing, Chinese officials said the two sides had agreed on the text of a deal, but offered no specific details on the amount of U.S. goods China had agreed to buy.
As part of the agreement, Chinese officials said their country would increase imports of American agricultural, energy and pharmaceutical products.
"Well, I know the numbers that have been discussed really is in the $40 to 50 billion range", said Perdue.
"China hopes, on the basis of equality and mutual respect, to work with the United States, to properly resolve each other's core concerns and promote the stable development of US-China economic and trade relations", it added. On the Chinese internet, posts comparing USA and Chinese trade announcements have all been deleted.
The world's two largest economies have been in a trade war for about 18 months involving almost $500 billion in products shipped between the two nations.
Those second-round negotiations will commence prior to next November's USA presidential election, Trump said. China has committed to increasing its imports of USA goods and services by $200 billion over the two next years, the USTR says.
Chinese State Councilor and Foreign Minister Wang Yi said Saturday that the China-U.S. deal on the text of a phase-one economic and trade agreement serves as bullish news for both countries and the rest of the world.
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Global equity markets and oil prices surged on news of the trade agreement.
Trump, with Chinese Vice Premier Liu He in the Oval Office on October 11, announced a "substantial Phase One deal" of a trade pact.
US Trade Representative Robert Lighthizer, meanwhile, told reporters at the White House on Friday that Beijing has committed to buying US$32 billion more in farm products over the next two years, or about US$16 billion a year - on top of a baseline of US$24 billion in Chinese purchases in 2017.
That turned out to be premature, however, and negotiations dragged on. But China will expand imports of some agriculture products now in urgent need, such as pork and poultry, Vice Minister of Agriculture and Rural Affairs Han Jun said at the press conference. It will be a real bonanza if we can trust China to do what they say they'll do. "Once again, Donald Trump can not be relied upon to do the right thing for American workers and businesses, even when his statements were pointing in the right direction".
Some analysts also were skeptical about the fresh Phase One announcement.
Still China repeated that the US has promised to gradually cancel the tariffs.
Importantly, the agreement establishes a strong dispute resolution system that ensures prompt and effective implementation and enforcement, the USTR said.
Three Democratic senators - Minority Leader Charles Schumer of New York, Ron Wyden of OR and Sherrod Brown of OH - sent a letter to the White House on Thursday, urging Trump to "stand firm" in the negotiations with China. Unfolding along with the trade news on Friday was the House Judiciary Committee's recommendation to impeach Trump.