The USDA also reported record-large sales of pork, including 18,810 tonnes for shipment this year and 123,362 tonnes for shipment in 2020. The agreement reportedly addresses USA concerns regarding China's alleged currency manipulation and the country's readiness to buy American 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. That would be a stunning feat, more than doubling from the prior level of less than US$20 billion in 2017.
As a sign of goodwill, China has plans to increase its purchases of USA agricultural products, but the move falls far short of Trump's demands.
"The president is acting as if a lot of Chinese concessions have been nailed down, and they just haven't", said Derek Scissors, a China specialist at the conservative American Enterprise Institute.
However, details of the deal were scant.
The signing could take place in the middle of November in Chile on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit.
Mr Trump said the range of issues under discussion warranted breaking up the negotiations into parts.
Greg Daco of Oxford Economics called it an "itsy-bitsy-teeny-weeny handshake deal". Trump acknowledged that Friday's deal has yet to be put down on paper but said that wouldn't be a problem.
"For businesses this will mean less damage, not greater certainty". An English translation provided by the White House indicates that Xi sent his "best wishes" to the negotiations.
In exchange, the USA agreed not to proceed with an increase in tariffs to 30% from 25% on $250 billion of Chinese goods set to go into effect next Tuesday.
Goldman Sachs said in an analyst note on Thursday morning that the bank expected the White House to slightly delay the implementation of additional tariffs, saying the impeachment "inquiry in the House may lead the White House to avoid further escalation of the trade war".
"The president has not made a final decision on that, but there was plenty of time to make that decision".
"Other aspects of the deal are also great", Trump said on Saturday. The US Treasury in August branded China a currency manipulator, accusing Beijing of deliberately weakening the yuan to gain unfair trade advantages.
"We are encouraged that both sides are at the negotiating table because it is important to reopen this market for American farmers", commodity trader Cargill Inc. said in an emailed statement.
China reportedly pledged to step up buying of farm products.
China so far has balked at Trump's demands for profound changes in the management of its economy, which analysts say could politically undermine the Communist Party. The tentative agreement, covering agriculture, currency and some aspects of intellectual property protection, will offer some respite to the global economy and could calm markets unnerved by escalating tensions between the countries.
China and the United States achieved substantial progress in multiple areas after holding a new round of high-level economic and trade consultations on Thursday and Friday in Washington. "We'll continue to make efforts", Liu said.