United States President Donald Trump and Chinese President Xi Jinping have agreed on a temporary stand-down in the two countries' trade war.

The White House announced the agreement in a statement on Saturday in the wake of the two leaders' dinner summit held on the sideline of the G20 meeting in Buenos Aires, Argentina.

In the summit, Trump agreed to hold off on raising tariffs imposed on 200 billion dollars worth of Chinese imports to 25 percent in January from the ten percent.

The two sides will allow 90 days for broader negotiations over Chinese trade practices before the United States resumes ramping up retaliatory measures.