A look at what happened at the G20 summit in Argentina

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The two countries are also at odds militarily over China's extensive claims in the South China Sea and US warship movements through the highly sensitive Taiwan Strait.

Xi avoids further immediate pressure on China's slowing economy, while Trump - scarred by last month's midterm elections that saw the Democrats regain control of the House of Representatives - can ease damage to agricultural USA states that export to China, particularly soybean producers.

The agreement, hashed out over steak in the Argentine capital Buenos Aires, lowers the temperature in a conflict that has spooked world markets.

Trump said that "the very important meeting" with Xi would go on, but he noted that Bush's death "really puts a damper on it, to be honest with you".

China "is open to approving the previously unapproved" deal for U.S. company Qualcomm Inc (QCOM.O) to acquire Netherlands-based NXP Semiconductors (NXPI.O) "should it again be presented".

Trump's criticisms of China's trade policy enjoy wide support across the USA political spectrum, but some fear that the president has bitten off more than he can chew with a go-it-alone campaign that could damage markets worldwide. "President Trump expressed his friendship and respect for Chairman Kim".

Kudlow added that if the U.S. doesn't get "satisfactory" responses to its trade positions more tariffs will be imposed. Nor did the Chinese side reference the 90-day deadline for reaching an agreement in the next round of talks.

"I think from Trump's standpoint, it's kicking the can down the road and avoiding the politically uncomfortable need to raise existing tariffs on $200 billion worth of Chinese imports to 25 percent, which would be destructive", said Joel Trachtman, a trade expert and professor of worldwide law at the Fletcher School at Tufts University.

The US has hit $250bn of Chinese goods with tariffs since July, and China has retaliated by imposing duties on $110bn of US products.

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Trump withdrew his threat to raise the U.S. tariffs even more on January 1, in return for a promise from China to buy more United States goods and enter into a 90-day period of talks to resolve their differences.

But the U.S. reiterated its withdrawal from the agreement, "and affirms its strong commitment to economic growth and energy access and security".

Some $50 billion worth of Chinese imports already face 25 percent tariffs. "But facing criticism from Congress, Trump ripped up the deal and announced a first round of tariffs on China's imports little more than a week later".

Trump and Xi met amid mounting worries that trade fights are undermining a weakening global economy. But it's not at all clear the president even has the authority to pull out of a trade pact enshrined in congressional legislation, Trachtman said.

Trump counted a victory Friday for his brash trade stance as the United States, Canada and Mexico signed a new trade deal, a successor to the North American Free Trade Agreement. "China will be getting rid of many of them".

"I hope they understand that", he said.

Moreover, the two sides have agreed to actively protect law enforcement and the control of illicit narcotics, including the control of Fentanyl.

Absent agreement in that time, tariffs now set at 10 per cent will be raised to 25 per cent, according to a White House statement. The commitments by the communist regime fell short of the key structural reforms that Washington has been demanding, such as ending intellectual property theft and forced technology transfer. Both the China and USA have placed a 90 day timeframe on completing a deal.

Outside the United States, which joined the Paris deal under former president Barack Obama, the biggest polluter not to have ratified the 2015 Paris Agreement is Russian Federation, which ranks fifth. The two were expected to meet Saturday amid a period of increased tensions between China and the United States.