USA officials have also pressed other governments to drop Huawei from plans to develop fifth generation, or 5G, networks.
He confirmed that Washington had committed to not imposing any new tariffs on Beijing's exports. This is a tricky condition since the United States has pushed for removing tariffs as China implements the deal, not before.
"The negotiations are continuing", he said.
In response, it is believed that China has agreed to buy a "tremendous" amount of United States agricultural products.
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And in some cases we're the ones that do it, we're the only ones that do it.
Today's meeting between the two leaders was the centrepiece of four days of diplomacy in Asia for Trump, whose re-election chances have been put at risk by the trade war that has hurt American farmers and battered global markets. Excellent, I would say excellent, ' Trump told reporters Saturday in Osaka during a separate meeting with Turkish President Recep Erdogan.
He added: "This doesn't mean that there's going to be a deal, but they'd like to make a deal I can tell you that".
A CNN report noted that Trump said that "US companies can sell their equipment to Huawei", and that allowing the transactions won't present a "great, national emergency problem".
Speaking with reporters Saturday, Trump said that he would be discussing the US blacklisting of Huawei Technologies Co.as well as a broader trade deal.
Trump and Xi agree to resume trade talks
He also lifted restrictions on USA companies , allowing suppliers to sell components to Chinese telecom firm Huawei. China, in turn, said the US's demands for business reform were unreasonable.
The tete-a-tete between the USA and Chinese leaders - the first since the last G20 in December - cast a long shadow over this year's gathering in Osaka.
Media captionWho really pays in a tariff war?
The world's two largest economies are in the midst of a bitter trade war, which has seen them level increasingly severe tariffs on each other's imports.
Trade has proved far from the only contentious issue on the summit table, with climate change another major sticking point.
'There's been no long range ballistic tests, ' the president noted, since his Singapore summit with Kim - although there were recent short-range tests.
"I think it's something that's actually very easy to do".
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