The US will suspend tariffs on UK goods including single malt whiskies that were imposed in retaliation over subsidies to the aircraft maker Airbus.
Tariffs will also be lifted on UK cheese, cashmere and machinery.
The duties will be suspended for four months while the two sides seek a long-term settlement.
On January 1, the UK dropped its own tariffs on some US goods, put in place over a related dispute about US subsidies to Boeing.
It is the latest twist in a decades-old trade row that has seen the EU and the US target billions of dollars worth of each other's exports with taxes.