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The United States agreed to hold off on imposing new tariffs against Chinese goods, with further details to be discussed by the two countries’ trade teams, news agency Xinhua reported.
"China [and the] United States both benefit from cooperation and lose in a confrontation," Xi said through a translator at the meeting's outset. "Cooperation and dialogue are better than friction and confrontation."
Trump had threatened to slap additional tariffs on 325 billion dollars’ worth of Chinese imports, which would have meant that almost every Chinese product imported to the US would have been affected by duties enacted during the yearlong trade war.
Trump said he would provide more details about the talk in a press conference later in the day.
Trump and Xi’s meeting has been the focal event of the G20 summit, as tariffs enacted by the world’s two largest economies slow global growth and disrupt supply chains.
The US has so far imposed tariffs on 250 billion dollars’ worth of Chinese goods, while China has retaliated with duties on 110 billion dollars’ worth of US imports.
Trump and Xi previously agreed on a truce in their trade war at the last G20 summit, in December in Argentina.
But subsequent months of negotiations broke down in May, when the two parties further raised tariffs against each another. Washington said China had backtracked on agreements it had already made and that they had been close to sealing a trade deal.
At the heart of the conflict are US accusations that China has conducted forced technology transfers, infringed upon intellectual property rights and treated US firms in China unfairly.
"China [and the] United States both benefit from cooperation and lose in a confrontation," Xi said through a translator at the meeting's outset. "Cooperation and dialogue are better than friction and confrontation."
Trump had threatened to slap additional tariffs on 325 billion dollars’ worth of Chinese imports, which would have meant that almost every Chinese product imported to the US would have been affected by duties enacted during the yearlong trade war.
Trump said he would provide more details about the talk in a press conference later in the day.
Trump and Xi’s meeting has been the focal event of the G20 summit, as tariffs enacted by the world’s two largest economies slow global growth and disrupt supply chains.
The US has so far imposed tariffs on 250 billion dollars’ worth of Chinese goods, while China has retaliated with duties on 110 billion dollars’ worth of US imports.
Trump and Xi previously agreed on a truce in their trade war at the last G20 summit, in December in Argentina.
But subsequent months of negotiations broke down in May, when the two parties further raised tariffs against each another. Washington said China had backtracked on agreements it had already made and that they had been close to sealing a trade deal.
At the heart of the conflict are US accusations that China has conducted forced technology transfers, infringed upon intellectual property rights and treated US firms in China unfairly.
