After a dispute that raged for close to two years, with several fumbled efforts at a resolution, the US agreed to cancel planned tariffs and rollback others immediately, without a similar commitment from China to lift tariffs it imposed on the US.
Beijing expressed resolve to see through a proposed deal that could bring an end to the US-China trade war.
As part of the initial deal, Beijing has agreed to limited measures that could see better ties between the two countries while the US will suspending a tariff hike that was due to take effect on Tuesday.
The first minister-level meetings in more than two months between the world's two biggest economies are set to begin on Thursday.
Asian markets fell following declines on Wall Street as the impeachment inquiry into President Donald Trump weighed on sentiment.
US president said a deal with China was getting closer just a day after he railed against Chinese "abuses" at the UNGA summit. Trump also said Washington and Tokyo had taken a major step towards sealing a comprehensive new trade deal.
As share markets flatlined on as uncertainty over the outlook for US interest rate cuts, the Chinese yuan's slump sapped their appetite for risk, with dealers saying state-owned banks were seen selling dollars to support the yuan.
The financial markets signalled the possibility of a US recession last week, adding to concerns over ongoing trade tensions and word from Britain and Germany that their economies are shrinking.
The US president linked a humane resolution to anti-Beijing protests to China trade deal in tweets as Hong Kong activists plan more mass rallies this weekend to show their movement maintains public support despite disruptive sit-in at the airport.
The United States delays tariffs on Chinese-made cellphones, laptop computers and other items and removes other Chinese imports from its target list altogether.
Bolton said Washington will help cushion Britain's exit from the EU with a free trade agreement that is being negotiated by US Trade Representative Robert Lighthizer and his British counterpart, Liz Truss.
Washington's move comes immediately after China allows yuan to fall below 7 to dollar for the first time in about a decade.
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