In response, it is believed that China has agreed to buy a "tremendous" amount of USA agricultural products.
Financial markets, which have been rattled by the almost year-long trade war, are likely to cheer the truce. Washington and Beijing have slapped tariffs on billions of dollars of each other's imports, stoking fears of a wider global trade war. Those tariffs remain in place while negotiations resume.
Trump and Xi met Saturday in Osaka, Japan, on the sidelines of the G20 summit in an effort to push forward trade talks after tensions escalated last month when the USA raise tariffs on $200 billion worth of Chinese imports to 25 percent.
"I like our companies selling things to other people", Trump said. However, following an 80-minute lunch meeting at the sidelines of the G20 Summit he confirmed that the United States will no longer be adding tariffs.
"The quality of the transaction is far more important to me than speed", he tweeted. Xi is overseeing a decelerating economy and likely won't want to be engaged in a destructive trade war when China's ruling Communist Party meets in October.
Negotiations have not continued, and Trump and Xi have not met face-to-face since December.
Throughout the course of the negotiations, the USA has been pressing China to buy more American products, in particular agricultural goods, to reduce the "unfair" trade imbalance. The U.S. administration has declared Chinese telecommunications giant Huawei HWT.UL a security threat, effectively banning U.S. companies from doing business with it. Ltd on a so-called entity list, in effect banning USA companies from selling software or hardware to the world's largest telecom equipment maker.
But Trump said on Saturday he did not think that was fair to USA suppliers, who were upset by the move. "We're talking about equipment where there's no great national security problem with it", he added. These are not things easy to make. our companies were very upset, but we are allowing them.
"This is an attack on China's right to development", the Chinese diplomat said.
US microchip makers also applauded the move.
In May, the US government put Huawei Technologies Co.
Mr. Trump discussed the way forward after a two-day summit that focused on trade, climate change and women's empowerment in the economy.
Huawei has come under mounting scrutiny for over a year, led by US allegations that "back doors" in its routers, switches and other gear could allow China to spy on USA communications.
How Arsenal Transfer News Affect Their Odds to Win?
Other players rumored to be destined for Arsenal include; Sokratis Papastathopoulos, from Borussia Dortmund, and Saul Niguez. If they are rumored to buy an elite player, during the transfer window, they play well which increases the odds of winning.