Chinese President Xi Jinping and US President Donald Trump have agreed to restart trade consultations on equal terms, with Washington deciding not to impose new tariffs on Chinese exports to the US, the Xinhua News Agency reported on Saturday.

Trade teams from the two countries will further discuss detailed issues.

The latest development in the year-long trade war between the world's two largest economies followed the widely anticipated meeting between Xi and Trump on the sidelines of the Osaka G20 summit. The meeting, lasting for around 80 minutes, ended at 1 pm local Japanese time.

The US has threatened to impose tariffs on $300 billion worth of Chinese goods.