Chinese President Xi Jinping and his USA counterpart, Donald Trump, agreed in Buenos Aires Saturday to continue the trade talks between the two countries and stop imposing new tariffs, said Chinese State Councilor and Foreign Minister Wang Yi. China also agreed to boost its purchases of agricultural and industrial goods to reduce its trade imbalance with the US, she said.
Trump and Xi agreed to "immediately" begin talks on Chinese industrial policies, including coercive licensing of US technology, trade secret theft and non-tariff trade barriers.
A limited truce was reached in that war, as the two leaders agreed not to escalate - not to add new tariffs - after January 1, 2019.
Mr Trump also said that if talks were unsuccessful, he would carry out a threat to hit the remaining $267bn of annual Chinese exports to the United States with tariffs of 10-25%.
According to Chinese media the leaders have reached a consensus that trade talks should continue and have agreed not to impose any additional tariffs, at least for now.
The Trump administration had threatened to more than double the tariffs it has already slapped on $250 billion worth of Chinese imports, while Xi's government has put targeted tariffs on $110 billion in USA goods. I think that one is really necessary. "This is not a worst case outcome but the hard work is ahead of them", said Paul Haenle, Director at the Carnegie-Tsinghua Center in Beijing.
Chinese officials also reacted positively to the talks. "China has agreed to start purchasing agricultural product from our farmers immediately", the White House said.
"It's an incredible deal", Trump said. "What I'll be doing is holding back on tariffs".
The U.S is unhappy with what it says is the WTO's failure to hold Beijing accountable for not opening up its economy as envisioned when China joined the body in 2001.
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The U.S. has imposed import taxes on $250 billion worth of Chinese products, citing predatory trade practices by the Chinese, and China has countered by targeting $110 billion in U.S. imports. "It'll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers, every type of product".
State Councillor Wang Yi, the Chinese government's top diplomat, told reporters in Buenos Aires that the two sides believed the agreement "effectively prevented the expansion of economic frictions between the two countries".
"We will probably end up ending up getting something that will be good for China and the United States", Trump said. Trump said at the time that he would raise the issue of Chinese fentanyl making its way to the USA with Xi as a top priority.
President Trump stated: "This was an fantastic and productive meeting with unlimited possibilities for both the United States and China".
Qualcomm and NXP did not immediately respond to requests for comment late on Saturday.
At Trump's request, China agreed to label fentanyl a controlled substance due to its contribution to the United States opioid crisis.
The Chinese, as they have done many times before, have also agreed to talk with the administration about their technology transfer and cyber crime concerns - and do more to stop the flow of fentanyl into the U.S.
The United States and China are locked in a dispute over their trade imbalance and Beijing's tech policies.
"Facts have proven that China and the USA have more common interests than differences, and have greater need for cooperation than friction".
He called on both China and the United States to handle the development of bilateral relations from an overall perspective and push for long-term, healthy and stable development of bilateral ties.