The US Toy Association was "relieved" at Washington's decision to halt new, additional tariffs on Chinese imports, the association said Monday.

"It is our hope that renewed negotiations will produce meaningful progress, while we remain adamant that tariffs on children's toys is the wrong approach and should never come to pass," said Steve Pasierb, president and chief executive of the association, in a statement.

According to the New York City-based trade group, if added, the threatened additional tariffs on $300 billion worth of Chinese imports would cover all finished toys.

The ongoing US tariffs on Chinese products cover some inputs, components, and raw materials for domestic toy production.

"These levies would place the burden of sharp price increases on small businesses and American consumers, ruin Christmas and special occasions for families, and cause irreparable harm to the US toy community and our retail partners," Pasierb noted.

An ardent opponent of tariffs, the association managed to win over several US Congressional members over the past week, who have sent or are planning to send letters to the US Trade Representative to oppose tariffs.

Looking into the future, the association said it pledged to "continue to spread awareness about the detrimental impact of tariffs on American companies, jobs, and families," as well as maintain its education campaign and digital resources.

While attending a summit of the Group of 20 major economies in the Japanese city Osaka, Chinese President Xi Jinping and his US counterpart, Donald Trump, agreed on Saturday to restart economic and trade consultations between their countries on the basis of equality and mutual respect.

The two leaders also agreed that the US side will not add new tariffs on Chinese exports, and the two countries' economic and trade negotiating teams will discuss specific issues.

Founded in 1916, the Toy Association is a non-profit trade group representing all US businesses that design, produce, license, and deliver toys and youth entertainment products, with its members driving the 28-billion-dollar per annum US toy market.