Under the deal, China will also lift its ban on US beef imports and accept US shipments of liquefied natural gas.
In return, Chinese cooked chicken will be allowed into the US market and Chinese banks can enter the US market.
US Commerce Secretary Wilbur Ross said the deal should reduce China's trade surplus with the US by the end of 2017.
The announcement marks the first tangible results of trade talks that began last month.
The agreement is seen as an indication that US President Donald Trump is adopting a less confrontational approach with Beijing than he promised during last year's election campaign.
Mr Trump had threatened to label China a "currency manipulator" and impose trade tariffs on its goods, but has since softened his position.
He had also attempted to link US-China trade talks to concerns over North Korea's nuclear ambitions, urging Beijing to exert more pressure on Pyongyang.
However, after the trade deal was announced, China's vice-minister of finance, Zhu Guangyao, said economic issues should not be politicised.
"On the connection between the North Korean nuclear issue and our economic '100 days' plan' negotiations, I can tell you frankly that our economy team focused all their efforts on economic issues," he told journalists.