In accordance with the agreement, the Chinese side will expand the volume of purchases of American goods, particularly agricultural products, to reduce the USA deficit in trade with China.
"President Xi also stated that he is open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him", the readout said.
Xi and Trump agreed to "have further exchange of visits at an appropriate time", Wang said.
China has agreed to "reduce and remove" the 40-percent tariff it slaps on new cars imported from the United States, president Donald Trump wrote in a Twitter post.
The US-China ceasefire raises prospects for a larger deal to resolve the trade war between the two countries and US grievances over China's alleged unfair trade practices.
Trump and Merkel discussed trade, the conflict between Ukraine and Russian Federation, and Moscow's violations of a landmark nuclear arms treaty that Trump plans to exit.
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Last week, the Senate overwhelmingly voted to move forward on a resolution curtailing USA backing for the Saudi-led war in Yemen. Graham, a confidant of Trump, had said he would refuse to support "any key vote" until Haspel spoke to lawmakers.
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On Thursday, Trump said it was "very sad" what has happened to Manafort, adding that he's "never seen anybody treated so poorly". Prosecutors simply said earlier this week that Manafort "breached" his agreement by lying " on a variety of subject matters ".
In addition, the U.S. said China agreed to "purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other products from the United States".
Trump's tough trade position with China has hurt farmers trying to export soybeans, cotton, corn, and meat overseas. "It will have an incredibly positive impact on farming, meaning agriculture, industrial products, computers, every type of product".
According to China's statement, both sides have agreed to stop imposing tariffs on goods imported from each other, which means that tariffs on Chinese goods worth $200 billion will not be raised from current 10 percent to 25 percent at the beginning of next year.
The US trade deficit with China was US$335 billion past year and many manufacturers rely on inputs from the world's number two economy, so eliminating the deficit would be an extraordinary goal. In its turn, Beijing responded with tariffs on $110 billion of U.S. goods.
Confusion has also arisen over when the agreed 90 day period for negotiations will kick in, with some saying it begins now, others claiming it's January.
Of the G20 meeting, President Trump says:"This was an fantastic and productive meeting with unlimited possibilities for both the United States and China. Farmers, I LOVE YOU!" the United States president tweeted. But if negotiators can't come to a broader agreement at the end of that time, the tariffs will rise, White House press secretary Sarah Sanders said in the statement. China's silence indicates that the two leaders likely discussed the issue and reached a tentative agreement during their dinner meeting.
"I think the Chinese are hoping that political and economic factors will converge to convince the Trump administration to lower the bar somewhat so that China can meet some of the requirements", Glaser said.