U.S. President Donald Trump meets with China's President Xi Jinping at the start of their bilateral meeting at the G20 Summit in Osaka, Japan, June 29. Reuters

U.S. President Donald Trump and Chinese President Xi Jinping have agreed to a new ceasefire in their yearlong trade war, according to Xinhua, the Chinese state-run news agency.

The outlet reported Saturday that the leaders agreed that stalled trade talks would resume and the U.S. would hold off on threatened additional tariffs on Chinese goods.