US President Donald Trump and Chinese leader Xi Jinping met for more than two hours on the sidelines of the G20 meeting after months of tough talk on trade and tariffs on hundreds of billions of dollars of goods. The euro rose to $1.1385 from $1.1353.
Discussions were to begin immediately, with the goal of an agreement within 90 days.
The planned further negotiations to deal with "structural changes" in terms of forced partial transfer of technology, copyright protection, market barriers, Cyber-attacks, services and agriculture, said a spokeswoman for the White house.
'The two presidents agreed that the two sides can and must get bilateral relations right, ' Wang told reporters, adding they agreed to further exchanges at appropriate times. And the threat to slap tariffs on everything China exports to the US will presumably be back on the table as well.
China had previously offered to increase its purchases of United States products, only to have Mr Trump reject the deal. China responded by imposing its own round of tariffs.
Additionally, the U.S. had previously threatened to slap tariffs on all remaining Chinese exports if no progress was made at the G20 meetings, which would amount to new tariffs on approximately US$267 billion worth of products. "I hope that we can meet when the United States side is ready for it", he said.
He said for the first time there was "a clear path" to reduce the USA trade deficit with China to zero.
Both presidents called the weekend meeting on the side-lines of the G-20 economic summit in Argentina, "highly successful".
Many U.S. importers of Chinese bike goods have been hustling since this spring to move production out of China, either to other low-priced Asian countries or to the U.S. But in many cases, manufacturers said such moves can take years to complete. China even supposedly agreed to bring its tariffs on US cars more in line with its duties on automobile imports from other countries.
"We are dealing from great strength, but China likewise has much to gain if and when a deal is completed", Trump wrote.
Following the Trump-Xi talks, which took place over dinner at the end of the G20 summit, Washington agreed to hold off on Trump's threat to impose 25 per cent tariffs on $200 billion worth of Chinese goods from December 1, leaving them at the current 10 per cent rate.
However, concerns remain over the differences between the official statements released by the two countries.
Beijing and Washington now have 90 days to make progress in talks over the main issues, which include USA complaints that China forces American companies to hand over technology and steals their intellectual property through hacking.
The president continued by saying his personal relationship with Xi is very strong, and praised him for reaching a massive and positive trade deal.
"Trump's latest tweets this morning, which touted the benefits of the agreement for USA farmers and his own prowess as a dealmaker, suggest he will be reluctant to walk away from negotiations for a second time", he said.
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