Outgoing U.S. Trade Representative Robert Lighthizer said he expects the Biden administration to replicate many of President Trump's trade policies.
Trump said it is a "landmark agreement."
The pact, which may add half a point to U.S. GDP this year, is only the initial phase of a broad agreement that Trump has said may come in as many as three sections.
Lighthizer served as deputy U.S. trade representative under President Ronald Reagan.
The phase one trade deal is the first step in correcting a trade imbalance of more than $300 billion between the world's two economic superpowers.