Trump will leave tariffs on $200 billion worth of Chinese imports at 10 percent at the beginning of the new year, agreeing to not raise them to 25 percent "at this time", the White House said in a statement.
During their working dinner, the two leaders had very "positive and constructive" discussions over trade and economic issues and agreed not to impose additional tariffs, he said, adding that China will import more marketable products form the USA in efforts to gradually ease imbalances in bilateral trade. They include forced technology transfer, intellectual property protection and cyber crimes, according to the White House statement.
If there is no deal at the end of the 90-day grace period, the U.S. will increase the tariffs on the United States dollars 200 billions of goods from 10 per cent to 25 per cent.
After months of sabre-rattling, however, Trump praised an "amazing and productive" meeting with Xi at the G20 on Saturday, and Chinese state mouthpiece Xinhua news agency said the outcome in Buenos Aires "needs to be cherished".
However the United States trade representative, Robert Lighthizer, said he would be surprised if Mr Trump's working dinner with Mr Xi "wasn't a success".
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"In a friendly and candid atmosphere, the two presidents had profound discussions that lasted for two-and-a-half hours". China has agree to immediately US agricultural products again in a trade war truce struck December 1, 2018. But after talks that lasted throughout the night, world leaders finally obtained the support of the USA on most issues.
Mr Trump and Chinese President Xi Jinping are due to meet on the sidelines of the summit in Buenos Aires.
Most of the US supply of the drug is made in China.
China also conceded to label fentanyl, the synthetic opioid cited in thousands of drug deaths, as a controlled substance and agreed to reconsider a takeover by USA chipmaker Qualcomm that it had previously blocked.
Trump and Xi were to seek a way out of a trade war between the world's two biggest economies, while also saving face for their domestic audiences.
It added that in return China agreed to buy a "very substantial" amount of agricultural, energy, industrial and other products.
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However, delegates to the Buenos Aires talks said good progress had been made on economic sections of the final communique. The bilateral meeting, however, tackled infrastructure and energy initiatives following an agreement between the U.S.
His tariff campaign against the country began in January 2018, and saw a 25 per cent tariff on steel imports imposed in March.
The White House said that China has also agreed to step up purchases "immediately" of an unspecified amount of USA agricultural goods.
"Perhaps we can break through in Buenos Aires or not", he said. "I think that's going to be a very primary reason we'll probably end up getting something good for China and good for the United States".
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.
The US stance on trade and climate change already saw the G7 Summit and the Asia-Pacific Economic Forum end without routine statements.
This year's summit has proved to be a major test for the G20, whose leaders first met in 2008 to help rescue the global economy from the worst financial crisis in seven decades.
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President Donald Trump is cancelling a planned news conference at the Group of 20 summit in Argentina Saturday, "out of respect for the Bush Family" after death of former President George H.W. Bush. Those dueling camps inside the White House have repeatedly confused Chinese leaders trying to figure out what exactly the United States wants. But it said the "United States reiterates its decision to withdraw from the Paris Agreement", mirroring the divergence seen a year ago when Trump shocked the global community by bucking the consensus at his first G20.