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On Saturday, during a meeting on the sidelines of the G20 summit in Buenos Aires, Trump and Chinese President Xi Jinping agreed on a truce in their escalating trade war.

Chinese President Xi Jinping and his USA counterpart Donald Trump recently held a meeting at a working dinner in Buenos Aires, reaching important consensus and agreeing not to impose new additional tariffs.

For its part, China has said it will import more United States products to reduce its trade surplus, but no dollar amount has been publicly discussed.

The statement comes after Trump threatened to place major tariffs on imported Chinese goods if his administration is unable to reach an effective trade deal with Beijing.

Xi and Trump had "deep exchanges in a friendly and candid atmosphere", Wang said, in a statement carried on the foreign ministry's website, reported Reuters.

As part of the truce, Trump agreed to hold off on plans to raise the tariffs on $200 billion in Chinese imports to 25% beginning 1 January, leaving them at the current 10% rate.

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China is fully confident that it can reach a trade deal with the US within the 90 days set for talks, Gao said. It also would begin buying products from U.S. farmers "immediately".

China will immediately implement the consensus that the two sides have already reached, starting with agricultural products, energy and automobiles, Gao said.

President Trump said on Twitter Wednesday that China was sending "very strong signals" following the weekend trade discussions.

"All of these help to safeguard China's legitimate interests, and are also in the interests of the United States, and even more are in line with the expectations of the worldwide community", he added. "In the next 90 days we will work in accordance with the clear timetable and road map to negotiate in areas where both sides have an interest and there are mutual benefits, such as intellectual property rights protection, technology cooperation, market access, and the trade balance".

Furthermore, the two countries would launch a new round of trade talks to address issues including intellectual property, technology transfer, non-tariff barriers, cyber theft, and agriculture.