As two major countries with great influence, China and the United States shoulder important responsibilities in promoting world peace and prosperity, Xi told Trump. The breakthrough came after a dinner meeting between President Donald Trump and Chinese leader Xi Jinping at the Group of 20 summit in Buenos Aires.
The White House said a threatened increase of tariffs on $200 billion worth of Chinese goods from 10 to 25 percent, which was set to take effect on January 1, would be put off for 90 days.
In return, China is to purchase "very substantial" amounts of agricultural, energy, industrial and other products from the United States.
The tone of engagement over confrontation is a welcome change for the global economy overall. but some remain cautious, that the truce may only exist to help buy time.
In his Twitter roundup of weekend doings, Trump talked of halting the arms race.
In the first nine months of the year, China imported 3.2 million tons of USA coal, the majority of this being higher-value metallurgical coal used in steelmaking.
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The tariffs were also imposed to try and force China to make changes to their economic practices, specifically the theft of USA intellectual property.
US-China trade divisions meant an Asian economic summit earlier this month was unable to agree a formal leaders' statement for the first time in its history.
"Working in close cooperation with G20 members and other relevant stakeholders, Saudi Arabia said it looks forward to a successful Presidency where it will play a leading and constructive role in contributing to a positive and sustainable impact in our region and the world at large".
What pushed the two sides to the table?
As a political scientist following the escalating tensions, I believe that the statements coming out of the G-20 meeting reveal that a wide gap still separates Xi and Trump, both in terms of what matters most to them and their approach to getting it. Trump also canceled a Saturday news conference, citing respect for the Bush family following the death of former President George H.W. Bush.
On Saturday, Trump and Xi held a meeting on the G20 summit's sidelines.
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He called on both China and the United States to handle the development of bilateral relations from an overall perspective and push for long-term, healthy and stable development of bilateral ties.
In October the U.S. restricted sales of crucial technology to state-owned chipmaker Fujian Jinhua, accusing it of stealing trade secrets.
Beijing had reduced auto import duties from 25 percent to 15 percent in July.
Failure to achieve a ceasefire would have seen tariffs on $200bn worth of Chinese goods rise from 10% to 25% at the start of next year, and would have opened the way for tariffs on additional Chinese goods. That said, China is very likely to increase imports of USA products and services to help reduce bilateral trade deficit, reportedly a key ask from the Trump administration.
USA exports of cars and light trucks to China were worth $9.5 billion in 2017 and have dropped off significantly since China imposed its retaliatory tariffs over the summer that gave exporters in Europe and Japan a significant advantage.
US officials insist that the American economy is more resilient to the tumult than China's, but they remain anxious of the economic effects of a prolonged showdown - as Trump has made economic growth the benchmark by which he wants his administration judged.
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The Buenos Aires deal shows that both sides are aware that the tariffs could damage the global economy, it said.