Trump didn't help when he tweeted 'I am a tariff man, ' which investors saw a sign a deal may not happen.
Trump and Xi also agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture, according to the White House statement.
Trump on Wednesday touted Beijing's agreement to designate Fentanyl as a Controlled Substance.
'One of the very exciting things to come out of my meeting with President Xi of China is his promise to me to criminalize the sale of deadly Fentanyl coming into the United States. It will now be considered a 'controlled substance.' This could be a game changer on what is. 'Maybe that's why I'm here'.
United States liquefied natural gas was also absent from China's shopping list in October, following Beijing's move in September to impose a retaliatory 10 per cent tariff on USA supplies.
According to the White House, the USA will still keep in place $200 billion of tariffs on Chinese imports but will not increase those tariffs from 10 percent to 25 percent after the start of the year as originally planned. "China does not want Tariffs!"
'The actual amount of concrete progress made at this meeting appears to have been quite limited, ' Alec Phillips and other economists at Goldman Sachs wrote in a research note.
There's still no official statement from Beijing that the deal reached Saturday to not raise tariffs is only for a 90-day period and is dependent on the outcome of talks.
It's by March 1 that the White House has set as the deadline for the Chinese to act.
Washington and Beijing said they will try to achieve a permanent deal within the next 90 days, however the US still has significant leverage, stating that if a formal deal can't be reached then it will hike tariffs from 10 percent to 25 percent, which could roil global stock markets, stagnate global economic growth, dampen oil demand growth and possibly lead to a recession across the globe, particularly in emerging economies.
Both sides will immediately hold talks on structural changes concerning forced technology transfers made by Chinese firms on US companies, intellectual property rights protection, non-tariff trade barriers, cyber intrusion concerns, cyber theft and agricultural, the White House added.