The US and China have agreed to resume trade talks, easing a long row that has fueled a global economic slowdown. BBC News reported.
US President Donald Trump and China's President Xi Jinping reached agreement at the G20 summit in Japan.
Mr. Trump also said he would allow US companies to continue to sell to the Chinese tech giant Huawei, in a move seen as a significant concession.
Ahead of the G20 summit, Mr. Trump had threatened an additional $300bn (£236bn) in tariffs on Chinese imports.
However, after the meeting on the sidelines of the main summit in Osaka, he confirmed that Washington would not be adding the additional tariffs and that he would continue to negotiate with Beijing "for the time being".
And at a subsequent press conference, the US president declared that US technology companies could again sell to China's Huawei - effectively reversing a ban imposed last month by the US commerce department.
The ban prevented US tech firms from selling to Huawei, crippling the Chinese firm's ability to get critical American technology to help it make its products.