Trump, however, also threatened to impose tariff on China, if failed to reach an agreement with the given deadline.
Failure would raise the specter of a major escalation in the trade battle, with fresh USA tariff action and Chinese retaliation possibly as early as March.
Chinese State Councilor Wang Yi told reporters, "The two presidents agreed that the two sides can and must get bilateral relations right".
China expressed confidence on Wednesday that it can reach a trade deal with the United States, a sentiment echoed by U.S. President Donald Trump a day after he warned of more tariffs if the two sides could not resolve their differences.
The White House has said China had committed to start buying more American products and lifting tariff and non-tariff barriers immediately, while beginning talks on structural changes with respect to forced technology transfers and intellectual property protection. He added that negotiations were held in a "friendly and candid atmosphere".
China and the United States also agreed to continue negotiations concerning agriculture, energy, services and other sectors of the economy.More news: Microsoft Edge Is Going Chrome, And Coming To MacOS
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Another significant take-away from the preliminary agreement could be its impact on energy markets, both USA oil import to China and perhaps even more importantly from a development perspective liquefied natural gas (LNG) imports.
U.S. President Donald Trump said in a statement that Beijing has agreed to "reduce and remove" the 40% tariffs that it places on U.S. cars that are imported into China.
In addition, Treasury Secretary Steven Mnuchin said Tuesday on the Fox Business Network that China agreed to buy $1.2 trillion of US products.
The U.S. had a $335.4 billion trade deficit with China in 2017. Numerous so-called second wave of U.S. LNG projects that are now being planned and/or receiving federal approval will have a hard time reaching the all-important final investment decision (FID) needed to go forward without Chinese assistance. These projects not only need to sign long-term off-take agreements with Chinese entities, but many of them, particularly newcomers not backed by more experienced oil and gas majors, will need Chinese financing to go ahead.
Trump, in a post on Twitter, linked Beijing's silence to officials' travels and said he thought Xi had been honest during their weekend meeting to hammer out progress over trade.