President Trump and China’s President Xi Jinping agreed to resume negotiations and  de-escalate their trade war following a meeting at the G-20 summit in Japan on Saturday.

The leaders met for 80 minutes on Saturday. Afterward, Xi announced that Trump had agreed not to add new tariffs on Chinese exports, the Xinhua News Agency reported.

“We’ve had an excellent relationship,” Trump told Xi as the meeting began. “But we want to do something that will even it up with respect to trade.”

Xi, in turn, told reporters, “one basic fact remains unchanged: China and the United Sates both benefit from cooperation and lose in confrontation.”

On Friday, Trump had denied that he had promised a reprieve on mounting tariffs.