U.S., China agree to 90-day trade ceasefire at G20

China's Xi Jinping and Argentina's Mauricio Macri also announced more than 30 agriculture and investment deals

Speaking ahead of the meeting, Trump said he had an "incredible relationship" with President Xi.

Trump agreed that he will leave the tariffs on $200 billion worth of Chinese products at the 10 percent rate, and not raise it to 25 percent, for now, as he has threatened to do come January 1, according to a White House statement.

Mike Starkey offloads soybeans from his combine as he harvests his crops in Brownsburg, Indiana, Sept. 21, 2018. "It will have an incredibly positive impact on farming, meaning agriculture, industrial products, computers, every type of product".

The White House made clear that the 10 per cent tariffs would still leap up to 25 per cent if China doesn't meet U.S. demands in 90 days.

The U.S. and China have agreed to a 90-day truce in a bid to work out their trade differences. "If at the end of this period of time, the parties are unable to reach an agreement, the 10% tariffs will be raised to 25%".

Some of the details were echoed by Chinese Foreign Minister Wang Yi, who confirmed that both countries will step up negotiations. US officials for years have been pressing the Chinese government to take a tougher stance against fentanyl, and most USA supply of the drug is manufactured in China.

Xi has also agreed to designate Fentanyl as a "Controlled Substance", meaning that those selling Fentanyl to the US will be subject to China's maximum penalty under the law, the statement said, calling it a "wonderful humanitarian gesture".

White House spokeswoman Sarah Sanders said she expected to release a statement soon.

US President Donald Trump and his Chinese counterpart Xi Jinping held a high-stakes dinner yesterday to try to pull the world's top two economies from the brink of a full-fledged trade war.

At the dinner, Trump said his ties to Xi were "a very primary reason" for considering a deal possible. "And we'll see", the president said.

"Only with cooperation between us can we serve the interest of both peace and prosperity", Xi said.

President Trump and the other leaders of the Group of 20 agreed Saturday to a joint statement that included support for trade reforms, which was a chief USA objective for the summit.

Experts have noted that the trade truce does not mark an end to the trade dispute between the two nations but rather a suspension of its escalation.

A Chinese state media report said that the meeting had reached "an important consensus", pointing out "the direction for Sino-US relations in the near future". Chinese President Xi Jinping was also yet to comment, as he prepared to dine with Trump later Saturday for a large helping of debate on trade tariffs.

In a long-sought concession to the U.S., China agreed to label fentanyl, the deadly synthetic opioid responsible for tens of thousands of American drug deaths annually, as a controlled substance.

International Monetary Fund chief Christine Lagarde warned the leaders that "the global economy faces a critical juncture" and that erecting trade barriers was "self-defeating". As a result, leaders who attended the summit failed to agree on a joint communique for the first time in 25 years.

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