The deal is intended to ease some U.S. economic sanctions on China while Beijing would step up purchases of American farm products and other goods.

The Phase 1 agreement includes a section intended to prevent China from manipulating its currency to gain trade advantages.

The deal on the first phase was struck in December.

The products include frozen pork, asthma and diabetes medications and some high-tech components.

The U.S. is dropping plans to impose tariffs Sunday on $160 billion in Chinese imports and is reducing some existing tariffs on Chinese goods.

The White House didn't release any official statement, raising questions about whether the terms had been agreed by both sides.

Farmers have been hit hard by the trade war with China. Trump has been trying to assure them that they will come out ahead in the end.

China accused the United States on Monday of harboring "extravagant expectations" for a trade deal, underlining the gulf between the two sides as U.S. action against China's technology giant Huawei began hitting the global tech sector.

Larry Kudlow was asked in an interview on CNBC Friday if investors should see the U.S. criminal case against the Chinese smartphone giant as a "wild card" in the ongoing negotiations.

It would be "naive in the extreme" to think that the Huawei controversy can be divorced from the U.S.-China trade discussion, one expert said.