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US President Donald Trump and his Chinese counterpart Xi Jinping have agreed to suspend the new tariffs for 90 days to allow for negotiations, announced the United States.
The two men met in Buenos Aires after the G20 summit for their first talks since the start of the trade war.
China said that it had agreed to no longer impose new commercial tariffs after 1 January.
At Saturday's summit, G20 leaders adopted a joint statement that notes divisions on trade but does not criticize protectionism.
"What has been agreed?
Prior to the G20 summit, Trump told the US media that he planned to lift tariffs on $ 200 billion of Chinese goods – introduced for the first time in September – from 10% to 25% starting in January.
The White House claims that this decision is now suspended for 90 days, but adds, "If, at the end of this period, the parties do not reach an agreement, the 10% tariff will be raised to 25%."
In exchange, adds the White House, China has agreed to buy an unspecified but "very important" amount of agricultural, energy, industrial and other products.
Chinese state television said earlier: "No additional tariff will be imposed after January 1 and negotiations between the two parties will continue".
Both parties have imposed tariffs on goods worth billions of dollars. The United States has received $ 250 billion worth of Chinese goods subject to tariffs since July, and China has responded by charging $ 110 billion worth of US goods.
Trump had also said that if the talks in Argentina failed, he would threaten to hit the remaining $ 267 billion in annual Chinese exports to the United States with tariffs of 10 to 25 percent.
The US-China trade divisions meant that an Asian economic summit earlier this month was unable to agree on an official statement from the leaders for the first time in its history.
Back from the G20 summit on Air Force One, Trump told the press that "it's an amazing deal" that would have an "incredibly positive impact on agriculture."
"What I would do is curb tariffs." China will open. "China will get rid of its tariffs," Trump said.
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