"Cooperation and dialogue are better than friction and confrontation", he added.
But Mr Trump has suggested easing United States restrictions on Huawei could be a factor in a trade deal with China.
There was little in the way of concrete details on what was agreed, but Trump confirmed Washington had committed not to impose any new tariffs on Beijing's exports and that the two sides would continue talks. Trump also added that USA companies could keeping selling products to Chinese telecom equipment maker Huawei even though his administration put the company on an export blacklist last month.
A major part of the trade dispute is the Trump administration's decision to bar United States companies from selling goods to Chinese tech giant Huawei.
Essentially, the Fed doesn't want to get caught cutting rates in July then raising them later in the year or early 2020 if there is a quick end to the trade dispute, and a fast recovery on the USA economy.
Trade has proved far from the only contentious issue on the summit table, with climate change another major sticking point.
China and the United States are now in talks concerning trade, with President Trump himself stating that he would not increase tariffs on China as long as the two countries are negotiating. The latest round of tariffs that were due to go into effect in the next days has been suspended, while China agreed to buy more agricultural products from USA farmers.
During the talks between the two leaders, it was agreed the trade war between the two superpowers would be paused.
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The company was reported to be under scrutiny-expressing concern that its technology could be used by China's security services to spy the US government. Senate Minority Leader Chuck Schumer said that removing the ban would "dramatically undercut our ability to change China's unfair trades practices".
Trump agreed with Jinping that the United States will not implement new tariffs on $300 billion of Chinese imports "at least for the time being".
In May, Trump signed an executive order essentially banning Huawei because of national security concerns that the company is too closely tied to the Chinese government and that its gear could be used to spy on other countries and companies.
"With much of the fate of the global economy and the likely direction of markets hanging on the outcome of this pivotal Trump-Xi meeting, we think things will get worse before they get better", said ING Economics.
"We're right back on track", Mr Trump said of yesterday's meeting, which he called excellent.
'My trip to Beijing with my family has been one of the most incredible of my life, ' Trump said.
The talks between the two leaders marked the first official meeting since the last G-20 in Argentina, held in late 2018 when both sides agreed to a 90-day truce in the U.S.
While the agreement isn't quite finalized, this might be the end of Huawei's troubles - until another trade war starts, anyway. Since then, he said, "one basic fact remains unchanged: China and the United States both benefit from cooperation and lose in confrontation". G20 leaders made a "clear commitment to free, fair, non-discriminatory, transparent trade", instead of issuing such a statement.
Trump is spending the next part of his Asian trip in South Korea.