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As the professor explained, the trade war, among other things, "affected investors' confidence on China's economic future", while US President Donald Trump "faces re-election challenge in less than two years" and "is eager to score points on economy".

A statement from White House press secretary Sarah Sanders said President Trump had agreed that on Jan 1 next year, he would leave the tariffs on US$200 billion (S$275 billion) worth of products at the 10 per cent rate, and not raise them to 25 per cent.

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 United States in efforts to gradually ease imbalances in bilateral trade.

Other attendees on the U.S. side included Treasury Secretary Steven Mnuchin, Secretary of State Michael Pompeo, U.S. Trade Representative Robert Lighthizer, China hawk and senior adviser Peter Navarro, National Security Adviser John Bolton and Trump's son-in-law, Jared Kushner, who's a senior adviser to the president. Russian Federation and Saudi Arabia are the world's two leading exporters of crude, and Putin said they had agreed to extend a pact on oil production cuts, as prices slump on global markets.

Mr Trump has reaffirmed his commitment not to boost tariffs on $200bn of Chinese goods to 25% on 1 January.

The two sides also agreed to open market to each other, said Wang, adding that China will, in the process of its further opening-up, work to gradually resolve the legitimate USA concerns.

The Chinese government also welcomed the outcome of the talks.

European officials said a reference to refugees and migration - a sensitive issue for Trump's administration - was excised to ensure consensus.

He cited "market access restrictions, weak intellectual property rights protection, unfair industrial policies, the slow pace of economic reforms and lack of regulatory transparency". China will be opening up. Xi also agreed to designate Fentanyl, which has been one of the drugs driving the opioid crisis in the USA, as a Controlled Substance.

New North American Trade Pact Signed
Trump praised the deal in the lavish language he uses when touting one of his administration's accomplishments. Trudeau, however, was much more blunt, calling the GM job losses a "heavy blow ".

Trump said Bush's death put a "damper" on what he described as a "very important meeting" with Xi.

U.S. 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 judges.

The White House also said China "is open to approving the previously unapproved Qualcomm Inc NXP deal should it again be presented".

Trump has already imposed tariffs on $250 billion on Chinese products.

"Neither side got their maximum demands and it's not the first time in U.S".

The White House announced it would hold fire on raising tariffs on $200bn (£156bn) worth of goods from China. En route from Buenos Aires on Air Force One, the president told reporters that he would soon notify Congress that he's abandoning the North American Free Trade Agreement.

Prior to Trump's meeting with Xi, Stanley Chao, managing director of California-based All in Consulting, which assists Western companies in developing business in Asia, told Newsweek that he believed Trump needed "a win after the midterm elections", suggesting that the president would need to compromise.

"The relationship that I have with President Xi, I think that's going to be a very primary reason we'll probably ending up getting something good for China and good for the United States, so we very much appreciate it". "So at this time it was acceptable for China to maintain some bottom lines while making concessions", Hua said.