By Caroline Linton CBS News December 1, 2018, 9:34 PM Trump agrees not to raise tariffs on China after meeting with Xi Jinping

President Trump with China's President Xi Jinping during their bilateral meeting at the G20 Summit, Saturday, Dec. 1, 2018 in Buenos Aires, Argentina.

Pablo Martinez Monsivais / AP

The White House said late Saturday that President Trump and Chinese President Xi Jinping had agreed to a truce in the ongoing trade war, and Mr. Trump agreed not to raise tariffs to 25 percent. Both presidents called the meeting "highly successful."

White House press secretary Sarah Sanders said both leaders have agreed to discuss "structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture." Discussions will begin immediately with a goal of concluding within 90 days.

Tariffs on $200 billion of Chinese products were set to jump from 10 percent to 25 percent after Jan. 1, 2019.

The White House said Xi has agreed to designate fentanyl as a controlled substance, meaning people selling fentanyl to the U.S. will be subject to China's maximum penalty under the law. Mr. Trump had been pushing for the designation.

Mr. Trump and Xi are both at the G-20 conference in Buenos Aires, Argentina.

This is a breaking story and will be updated.