(CNN) The leaders of the world's two largest economies, Donald Trump and Xi Jinping, agreed to a temporary truce on trade Saturday at a highly anticipated dinner in Argentina.

After the two-and-a-half hour discussion, Trump agreed to maintain the 10% tariffs on $200 billion worth of Chinese goods, and not raise them to 25% "at this time" ahead of a January 1 deadline, according to a White House statement from press secretary Sarah Sanders.

In exchange, China agreed it was willing to purchase a "very substantial" amount of agriculture, energy and other goods from the United States to help reduce the trade imbalance.

Calling the extended meeting "friendly and candid," State Councilor and Foreign Minister Wang Yi said the two leaders had agreed to open their markets to each other and to step up negotiations toward elimination of all additional tariffs.

A Chinese state media report said that the meeting had reached "an important consensus," pointing out "the direction for Sino-US relations in the near future."

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