Xi has also agreed to designate Fentanyl as a "Controlled Substance", meaning that those selling Fentanyl to the USA will be subject to China's maximum penalty under the law, the statement said, calling it a "wonderful humanitarian gesture".
China has agreed to start purchasing agricultural product from our farmers immediately, it said.
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".
"The principal agreement has effectively prevented further expansion of economic friction between the two countries and has opened up new space for win-win cooperation", said Chinese Foreign Minister Wang Yi.
The limited bargain, reached with Chinese President Xi Jinping over dinner, will see the USA and China restart talks aimed at resolving a trade dispute that is damaging the global economy, worrying some of Trump's Republican allies, and unnerving investors. Trump left immediately to board Air Force One for Washington, having spent two days attending the summit of G20 countries. If they fail to reach an agreement by the end of this period, the tariffs will be increased to 25 percent from 10 percent.
But one thing is clear-the stakes in the negotiations between the US and China are huge.
G-20 leaders also agreed that the global trading system "is now falling short of its objectives" and agreed to take stock of proposed overhauls at next year's summit in Japan.
The 90-day talks deadline falls just days before China's annual meeting of parliament in the first week of March, a politically sensitive time for Beijing. Caterpillar, Ford and other US corporate giants have complained that the higher Trump tariffs, if kept in place, would guarantee higher costs and lower profits.More news: Bill supporting troop withdrawal from Yemen passes Senate vote
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He suggested that the "incredible relationship" he and Xi had established would be "the very primary reason" they could make progress on trade.
China's state news agency Xinhua said both sides had agreed to avoid escalation of trade measures and take "immediate efforts to address issues of mutual concern". Washington and Beijing have also increasingly been at odds over security in the Asia-Pacific region. The deadly synthetic opioid is responsible for tens of thousands of USA drug deaths annually. Keen White House watchers also noted that Trump was flanked at the table by Mnuchin and his secretary of state, Mike Pompeo.
The White House said that Xi would consider approving a possible $44 billion deal for Qualcomm Inc.to purchase NXP Semiconductors NV if it's brought to him again.
"This was an wonderful and productive meeting with unlimited possibilities for both the United States and China". The White House released the names of the two delegations, totaling 20 people in addition to the two leaders. The presidents have come to an agreement on stopping the imposition of additional tariffs.
He cited "market access restrictions, weak intellectual property rights protection, unfair industrial policies, the slow pace of economic reforms and lack of regulatory transparency".
Kudlow added that if the U.S. doesn't get "satisfactory" responses to its trade positions more tariffs will be imposed. The United States instead reiterated Trump's decision to withdraw from the accord.
To add to the growing tension, the USA is now blaming China for the opioid crisis as increasing numbers of Americans are dying after overdosing on synthetic drugs. And he's threatened to expand tariffs to virtually everything China ships to the United States. What's more likely, analysts say, is that they reach a truce, buying time for more substantive talks. The European Union is also pushing for sweeping changes to how the WTO operates.
The Trump-Xi meeting was the marquee event of Trump's whirlwind two-day trip to Argentina for the G-20 summit after the president canceled a sit-down with Russian President Vladimir Putin over mounting tensions between Russia and Ukraine.