China agreed to buy an undetermined quantity of US agricultural products and return to the negotiating table. Without a deadline for progress, the United States and China still disagree on important parts of the agreement.
The last round of negotiations ended in May.
Financial markets may be exhilarated by the Sino-US trade truce. The exchange of tariffs between China and the United States has raised concerns about the outbreak of a wider global trade war. While negotiations resumed, those tariffs were still in effect.
"We are back on track," Trump said after 80 minutes of talks with Chinese President Xi Jinping during the Osaka summit of the Group of 20.
"We will not impose new tariffs for the time being, they will buy agricultural products," Trump said, but did not provide details of the purchase.
A few hours after the meeting, Trump tweeted that the talks with Xi Jinping were "much better than expected."
"For me, trading quality is much more important than speed," he tweeted. "I'm not in a hurry, but the situation looks very good!"
Trump had previously threatened to impose tariffs on another nearly $300 billion of Chinese imports to the United States, including popular consumer goods, if talks with Xi fail in Japan. This will result in tariffs imposed on almost all Chinese imports to the United States.
In a detailed statement on bilateral talks, the Chinese Foreign Ministry quoted Xi Jinping as saying that Xi told Trump that he hoped the United States would treat Chinese enterprises fairly.
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