President Donald Trump said Saturday the United States will hold off on imposing additional tariffs on Chinese imports as he and Chinese leader Xi Jinping agreed to restart negotiations for resolving the trade war between the world's two-largest economies.

While announcing a new cease-fire to defuse trade tensions, Trump said China will buy a large amount of American agricultural products and that U.S. companies can sell equipment to China's Huawei Technologies Co. as long as it does not pose risks to national security.

"We will be continuing to negotiate, and I promised that for at least the time being we're not going to be lifting tariffs on China," he said at a press conference after meeting with Xi on the fringes of the Group of 20 summit in Osaka.

Trump was referring to duties of up to 25 percent on an additional $300 billion of Chinese products he had threatened to impose, in what would have been the biggest escalation yet in the tit-for-tat levies between the two countries.

"We're right back on track," Trump said. But existing tariffs the two countries have slapped on each other remain intact.

Unlike the truce the two leaders reached in December, Trump did not draw a timeline for talks on a "fair" trade deal with China -- a sign that it may be difficult for the two sides to address wide gaps in structural issues such as intellectual property theft and forced technology transfer by Chinese companies.

Complaining of the United States' "tremendous" trade deficit with China, Trump said Beijing will buy a "tremendous" amount of American food and agricultural products soon, without providing details.

The move is apparently aimed at appeasing farmers as part of the Republican president's 2020 re-election bid. Farmers are "the biggest beneficiaries," he said.

Trump said his administration will meet shortly to study whether to take Huawei off a list of companies banned from buying components and technology from U.S. companies without government approval.

With Huawei apparently in sight, Xi urged the United States to treat Chinese enterprises "fairly," China's official Xinhua News Agency reported.

China has been demanding that the United States lift the ban on Huawei, a leader in next-generation wireless networks known as 5G and an entity the United States views as a national security threat given that its equipment could be used for cyberespionage. Huawei denies such allegations.

In Saturday's meeting, the start of which was open to the media, Trump said, "We want to do something that will even it up with respect to trade."

"It would be historic if we could do a fair trade deal," he said.

Xi called for increased cooperation and dialogue with the United States, saying the two countries "both benefit from cooperation, and lose in confrontation."

Prior to the meeting, the first in seven months, White House economic adviser Larry Kudlow said it was "quite possible" that the Chinese would come back to the negotiating table.

"And we might be able to pick up where we left off in May where we completed roughly 90 percent of what could be a good agreement," he told Fox News on Thursday.

China abruptly retreated from a nearly-completed deal in May. Trump responded by not only raising tariffs on $200 billion of Chinese imports but banning the sale of U.S. technology to Huawei.

Kudlow said Washington will continue to push Beijing to address structural issues such as industrial subsidy, as well as an enforcement mechanism to ensure that China complies with its commitments in a deal with the United States.

So far, Washington has imposed 25 percent levies on a total of $250 billion of Chinese imports. Beijing has retaliated by taxing $110 billion worth of goods from the United States.