President Donald Trump with China's President Xi Jinping
US President Donald Trump with China's President Xi Jinping and members of their official delegations during their bilateral meeting at the G20 Summit, Saturday, Dec. 1, 2018 in Buenos Aires, Argentina. Image Credit: AP

Buenos Aires: China's Vice-Commerce Minister Wang Shouwen said on Saturday the United States had revoked a plan to raise tariffs on certain Chinese goods to 25 per cent on January 1, following a meeting between US President Donald Trump and Chinese President Xi Jinping.

China and the United States also decided to not impose new tariffs on other products, Wang said after the meeting, which took place on the sidelines of a G20 summit in Buenos Aires.

The White House said a threatened increase of tariffs on $200 billion (Dh734 billion) worth of Chinese goods from 10 to 25 per cent, which was set to take effect on January 1, would be put off for 90 days.

"If at the end of this period of time, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 per cent," a White House statement said after dinner talks between President Donald Trump and his counterpart Xi Jinping on the sidelines of a G20 summit in Buenos Aires.

Trump, who in recent months has harshly criticized China and accused it of meddling in US elections, in the statement called his meeting with Xi "amazing and productive."

China earlier confirmed the outlines of the arrangement, saying that officials of the world's two largest economies would get to work on resolving a range of trade disputes.

The White House said that China has also agreed to step up purchases "immediately" of an unspecified amount of US agricultural goods.

Amid the trade tensions, China has sharply curtailed its purchases of US soybeans and other produce, dealing a significant blow to farmers, a major support base for Trump.

In what the White House called a "wonderful humanitarian gesture," the White House said that Xi would crack down on fentanyl, the opioid painkiller largely made in China that is behind an epidemic of US overdoses.

The White House said that China would subject fentanyl makers to the "maximum penalty under the law." China is the world's leading executioner, with drug offenses subject to the death penalty.