"In a friendly and candid atmosphere, the two presidents had profound discussions that lasted for two-and-a-half hours". His reflections on the meeting suggest that, at least at the leaders' level, the US-China relationship is in a better place than it was in October, following US Vice President Mike Pence's speech criticising a wide array of Chinese actions.
The U.S is unhappy with what it says is the WTO's failure to hold Beijing accountable for not opening up its economy as envisioned when China joined the body in 2001.
The two sides would "step up negotiations" toward full elimination of all additional tariffs, Wang said.
At the table, Trump announced his plane would fly to Houston, in the state of Texas, after the return of Air Force One from Argentina, to transport Bush's casket to Washington.
Some $50 billion worth of Chinese imports already face 25 per cent tariffs, while the 10 per cent tariffs - which target a massive $200 billion in goods - will also remain in effect.
In July, Qualcomm - the world's biggest smartphone-chip maker - walked away from a $44 billion deal to buy NXP after failing to secure Chinese regulatory approval, becoming a high-profile victim of the China-U.S. trade dispute.
Chinese Foreign Minister Wang Yi said afterward in a statement that, as part of the agreement, China will tighten supervision of fentanyl and revise rules on the drug, while enhancing law enforcement work with the U.S.
G-20 leaders also agreed that the global trading system "is now falling short of its objectives" and agreed to take stock of proposed overhauls at next year's summit in Japan.
"It's a very important meeting", Trump said earlier on Saturday. The news was first reported by Chinese state-run television, and then by Bloomberg in the U.S.
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Labelling fentanyl a controlled substance was a "wonderful humanitarian gesture" from President Xi, the White House statement said.
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 United States overdoses.
After a much anticipated dinner between the United States and China, both presidents emerged from a "highly successful meeting".
Playing down domestic concerns of any compromise by China giving in to Trump's demands, it said "the Chinese public needs to keep in mind that China-US trade negotiations fluctuate".
The announcement was made by White House spokeswoman Sarah Sanders on Saturday as the summit closed.
Officials expressed relief that agreement on the summit communique was reached after negotiators worked through the night to overcome differences over language on climate change.
Timeline of the dispute from the Peterson Institute for International Economics.U.S.
Many in Europe have looked to Merkel as Trump has called into question traditional trans-Atlantic ties with his announcements of trade tariffs, repeated criticism of European contributions to NATO and other issues. The Trump administration had signaled that the United States wouldn't back down unless China fundamentally changed its attitude. "But now, China is on the verge of becoming a world superpower and challenging the US position and economy". "The two sides chose to avoid escalation of trade restrictive measures and will work towards lifting all additionally-imposed tariffs", Xinhua said.
Trump may come under pressure once scrutiny of the cease-fire reveals that Xi got off "without yielding any meaningful concessions", said Brock Silvers, managing director of Shanghai-based investment advisory Kaiyuan Capital.
China's decision earlier this year came amid a period of heightening tensions between the US and China over trade and intellectual property issues. G20 summit host Argentina is expected to sign a series of deals with China on Sunday during a one-day state visit by Xi.