President Trump and Chinese Vice Premier Liu He signed "phase one" of a trade deal between the two countries last month.
Economists estimate overall trade in January likely contracted due to the Lunar New Year holiday, while the outbreak of the coronavirus casts a cloud over the outlook for the coming months.
Some analysts had said following the trade deal that China may need to roll back some of the tariffs on U.S. goods such as soya beans and crude oil in order to meet its purchasing commitments.
"China hopes that both sides will abide by bilateral agreements and make an effort to implement relevant provisions so that we can boost market confidence, promote bilateral trade relations and global economic growth", the statement said. The deal, however, left in place USA tariffs on US$360 billion of Chinese imports, about two-thirds of the total.
-China trade war easing, last year's narrowing in the deficit is unlikely to be repeated. The economy has, however, failed to hit that mark, growing 2.3% in 2019, which was the slowest in three years, after expanding 2.9% in 2018.
In commodities, US West Texas Intermediate (WTI) crude gained 2.66 per cent to $52.10 per barrel, extending its rebound from a 13-month low of $49.31 touched on Tuesday. The goods deficit with the European Union also hit a record, $177.9 billion - up 5.5% from 2018.
The White House has also sparred with other trading partners, including the European Union, Brazil and Argentina, accusing them of devaluing their currencies at the expense of US manufacturers.
Mainstream economists argue that trade deficits are largely the result of a big economic reality that doesn't respond much to changes in trade policy: Americans spend more than they produce, and imports fill the gap.
USA stock futures rose 0.55 per cent in Asia while China's onshore yuan rose 0.2 per cent to its strongest level since January 23 after the tariff cuts were announced.
Another 73 people on the Chinese mainland died on Wednesday from the virus, the highest daily increase so far, bringing the total death toll to 563, the country's health authority said on Thursday. It tumbled 17.6% to US$345.6 billion in 2019. Punitive Chinese duties on American goods that were adopted from September 1 a year ago will be lowered, with the rate on some dropping to 5% from 10%, and the others to 2.5% from 5%. Imports from China slumped 16.2%, exceeding the drop in 2009 during the global financial crisis, while shipments to China declined 11.3%, the biggest drop since at least 2003.
Goods imports were boosted by a US$1.7 billion increase in crude oil imports, which contributed to a US$4.0 billion jump in imports of industrial supplies and materials.
ANZ CHIEF ECONOMIST FOR GREATER CHINA RAYMOND YEUNG, on the lowering of tariffs by the United States and China on each other's goods.
Under the "Phase 1" deal in October, Washington canceled planned additional tariff hikes and Beijing committed to buy more USA farm exports. But motor vehicle and parts exports fell $1.0 billion to $12.4 billion, the lowest since November 2016.