WASHINGTON—The U.S. and China have agreed to semiannual talks to push for economic reform and resolve disputes, borrowing from a format from previous administrations that Trump trade officials had once derided.

The effort will be headed by Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He, among other senior officials, according to a statement by Mr. Mnuchin and U.S. Trade Representative Robert Lighthizer released on Saturday. It is set to be announced on Jan. 15 as part of the signing of a phase-one trade...