However, tariffs implemented so far would not be lifted, he said. The United States has imposed 25% import taxes on $250 billion in Chinese products and threatened to target $300 billion more - a move that would extend the tariffs to virtually everything China ships to the United States.
"We had a very good meeting with President Xi of China", Trump said following an 80 minute meeting with Xi Saturday morning in Japan.
Commenting on a long-running dispute over China's Huawei, President Donald Trump said US firms would be able to sell components to the world's biggest telecoms network gear maker where there was no national security problem.
The Trump administration has been lobbying allies around the world not to buy Huawei equipment, which the US says could be used for Chinese espionage.
"Between the Japanese and USA governments, there are no such talks at all about reviewing the security treaty".
Huawei has repeatedly said those fears are unfounded. It had also prompted lobbying from US companies like Intel Corp.and Alphabet Inc.'s Google, anxious about losing their sales to a major client.
Trump said that the USA side will work together with China to advance a U.S.
I don't want to talk about it now, we're looking at that very carefully.
Trump said both sides also talked about Chinese students in the United States. Trump suggested that his administration will review the company's status on Commerce's so-called Entity List and cleared the way for USA firms to sell it some components. We get along, ' Trump said. "We're going to work with China on where we left off to see if we can make a deal".
China imported 544,000 tonnes of US soybeans for shipment, which was the largest volume since late March, USDA data showed.
No preconditions in trade talks with China: White House's Kudlow
Gao added that during a phone call to Trump last week, Xi expressed hope that the USA would fairly treat Chinese firms. China's foreign ministry spokesman Geng Shuang stressed that China would not be scared by U.S threats of more tariffs.
Proving that Huawei sanctions had more to do with trade than security, in the wake of the G20 meeting at Osaka, Donald Trump has announced that he was suspending the trade ban against Huawei for non-security equipment.
Saeed Chaudhry, director of Islamabad Council for International Affairs, saw the outcome of the Xi-Trump meeting in Osaka as "a sign of relief to the world".
"This is a big concession to China", said Wendy Cutler, a veteran U.S. trade negotiator now at the Asia Society. "But it would be historic", Trump had told Xi at their meeting in Japan on the G20 sidelines.
Pressed whether he pushed the issue more seriously in private, Trump said he had raised it with Putin, adding, "You know he denies it, totally. And then ... something happened where it slipped a little bit".
Mr Xi told Mr Trump he hoped the United States could treat Chinese companies fairly, it added.
China has said the United States is making unreasonable demands and must also make concessions. This prompted Washington to raise tariffs on $200 billion of Chinese goods.
The truce offered relief from a almost year-long dispute in which the countries have slapped tariffs on billions of dollars of each other's imports, disrupting global supply lines, roiling markets and dragging on global economic growth.
In remarks at the start of the meeting, Xi said "China and the United States both benefit from cooperation and lose in a confrontation".
'There's been no long range ballistic tests, ' the president noted, since his Singapore summit with Kim - although there were recent short-range tests.
Mr Xi told Mr Trump he was ready to exchange views on fundamental issues and stressed the need for dialogue over confrontation. New forms of Chinese retaliation also awaited. He also said China had committed to resume purchases of farm and other products from the USA as part of the truce to relaunch negotiations, but offered few details. "Chinese culture is an incredible culture". The leaders of the world's largest economies arrive in Osaka from Thursday for the fourteenth meeting of Group of Twenty (G20).
But it could be read by financial markets as a positive signal that his administration may be open to negotiating on Huawei when bilateral trade talks resume.
Other focal points were energy, innovation, workforce development, quality infrastructure, and women's economic empowerment.