United States President Donald Trump has described his meeting with his Chinese counterpart, Xi Jinping, as excellent adding that trade talks were now “right on track.”
This follows a crucial meeting of the two powerhouses on the sidelines of a G20 meeting underway in Japan.
It emerged the US has agreed not to slap new tariffs on Chinese exports “for at least the time being,” while China will buy more US agricultural products.
World leaders had been eagerly watching to see if the pair could strike an agreement to ease tensions and end a trade war between their countries.
A Foreign Ministry statement stated that Jinping had asked Trump to treat Chinese firns fairly.
“China is sincere about continuing negotiations with the United States (but) negotiations should be equal and show mutual respect,” the Foreign Ministry quoted the Chinese President as saying.
The US president has already heaped taxes on $200 billion (€176 billion) of Chinese imports with Beijing retaliating by slapping its own tariffs on imports from the US.
The dispute has already disrupted global supply chains and markets.
Trade disputes between the two countries includes a feud over Chinese technology firm Huawei, with Beijing fearing it could threaten the company’s global growth.
The Trump administration has declared Huawei a security threat, effectively banning US companies from doing business with it.
The US has encouraged its allies to shun the firm in their 5G networks on security grounds, and has also suggested it could be a factor in a trade deal.
Trump said on Saturday that he had discussed Huawei with Xi and that resolving the issue would come later.
US companies would still be able to sell components to Huawei, he added.