Ahead of the G20, Mr Trump had told USA media he expected to go ahead with plans to raise tariffs on $200b of Chinese goods - first introduced in September - to 25 percent (up from 10 percent) starting in January 2019.
"Trump knew that if he insisted on China giving up the 2025 plan, it would mean the breakdown of Sino-US trade negotiations", Beijing-based consultant Hua said.
Meanwhile, the state-run China Daily said in the editorial that "the fact that the two leaders could sit down for candid talks and agree to avoid the looming escalation of trade tariffs to allow for continuing trade negotiations, shows that both sides are aware of how damaging they would be, not just on each other but the global economy as a whole".
Trump slapped 10 percent tariffs on $200bn in Chinese goods in September.
Trump said their dinner after the G20 summit in Buenos Aires "was an incredible and productive meeting with unlimited possibilities for both the United States and China". Much like Trump's talks with North Korean leader Kim Jong Un in Singapore last June, the two sides have presented differing views of what was agreed upon during the dinner.
European officials said the draft document included a reference to climate change, which has proved a sticking point in the past with the current USA administration. But after talks that lasted throughout the night, world leaders finally obtained the support of the USA on most issues.
Trump has imposed import taxes on $250 billion in Chinese products - 25 percent on $50 billion worth and 10 percent on the other $200 billion.
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During the meal, Xi also expressed sympathies for the passing of the former president, saying Bush, who also was once the USA envoy to China, had "made many contributions to U.S".
At the dinner, he agreed to designate fentanyl, the deadly synthetic opioid that contributes to America's national crisis, as a controlled substance.
"My relationship is very special, the relationship that I have with President Xi", Trump said as the two men were seated. China also agreed to boost its purchases of agricultural and industrial goods to reduce its trade imbalance with the USA, she said. "China right now has major trade barriers - they're major tariffs - and also major non-tariff barriers, which are brutal".
President Donald Trump agreed to temporarily hold his next round of fire in the USA trade war with China in order to give Washington and Beijing more time to talk, the White House announced Saturday.
"Perhaps we can break through in Buenos Aires or not", he said. "But facing criticism from Congress, Trump ripped up the deal and announced a first round of tariffs on China's imports little more than a week later".
China "is open to approving the previously unapproved" deal for US company Qualcomm Inc to acquire Netherlands-based NXP Semiconductors "should it again be presented". China has retaliated with tariffs on $110 billion worth of US imports.
Applause rose up in the hall on Saturday as the leaders signed off on a final statement at the end of a two-day summit. The White House characterized that encounter as an informal chat, but Putin gave it more significance.
But the United States reiterated its withdrawal from the agreement, "and affirms its strong commitment to economic growth and energy access and security". "President Trump expressed his friendship and respect for Chairman Kim".