"International trade and investment are important engines of growth, productivity, innovation, job creation and development", it said.
"We recognize the contribution that the multilateral trading system has made", the statement read. "The US should give its habitual winner-take-all approach to global relations the weekend off", it said.
French leader Emmanuel Macron told reporters that the World Trade Organization, the body that regulates trade disputes, needed to be modernised. The European Union is also pushing for sweeping changes to how the WTO operates.
The final communique signed by all 20 member nations said 19 of them reaffirmed their commitment to the Paris climate accord.
The United States and China will carry forward negotiations over a 90-day period; if that period expires without a satisfactory comprehensive agreement - an all too likely outcome - further escalation will take place.
China also pushed back in talks on steel, South Africa objected to language on trade, Australia did not want the statement to be too soft on migration and Turkey anxious it would push too far on climate change, according to the officials.
Ahead of the G20 summit, Trump placed added jitters on already strained relations between the world's two biggest economies by threatening China with extended tariffs on Chinese goods if no agreement was reached.
The G20, which started to hold an annual summit in 2008, managed to adopt a communique but a failure to mention a key commitment in their joint statement has deepened skepticism about the global framework's ability to find common ground.
Donald Trump and Xi Jinping each got something out of hitting pause on a trade war that threatens both of their economies, but analysts stressed that the tenuous truce does little to address the core sticking points of their economic rivalry.
President Xi agreed to designate fentanyl as a controlled substance, meaning that people selling the powerful opioid to the United States will be subject to China's maximum penalty under the law.
With a rise in nationalist sentiment in many countries, the G20, which accounts for two-thirds of the global population, faces doubts over its ability to deal with trade tensions and other geopolitical differences among.
Apart from trade and climate change, Russia's seizure of Ukrainian vessels has drawn condemnation from other G20 members, while the presence of Crown Prince Mohammed bin Salman at the summit has raised an awkward dilemma for leaders. "Countries like Turkey, like Saudi Arabia, like Russian Federation might be second-guessing some of that".
In the latest communique, the G20 countries said that they would "safeguard against downside risks, by stepping up our dialogue and actions to enhance confidence", calling on Washington and Beijing to ease trade strains through talks.
In addition to tariffs on Chinese goods, Trump has imposed tariffs on steel and aluminums imports into the United States this year.
Saturday's talks will be a test of the personal chemistry between the two leaders, which Trump has hailed as a warm friendship.
Trump-Xi Dinner Offers Chance to Avert Deeper U.S.
Trump called off talks with Putin at the G20 summit, officially due to outrage over Moscow's naval skirmishes with Ukraine.
The editor of a major Chinese state-run newspaper also said the talks went well.
"We're working very hard".
"But a good deal means both sides walking away happy".
"I think across the board it was really a resounding success". "China agreed to increase imports from the US", Zhang said. UN Secretary-General Antonio Guterres said in Buenos Aires that this is "a make it or break it moment" for climate change.
As part of the detente, Trump agreed to delay plans to raise tariffs on $200 billion in Chinese goods that would have taken effect January 1. If they can't, the higher US tariffs will go into effect on the $200 billion in Chinese imports. Others in the administration, such as Treasury Secretary Steven Mnuchin and Larry Kudlow, Trump's top economic advisor, have tried to chart a more pragmatic approach to getting Beijing to modify trade and economic practices that have long upset USA administrations.
Contrary to their treatment of the United States, the G20 leaders placed a requirement on China.
United States officials have insisted that the USA economy is more resilient to the tumult than China's, but they remain anxious of the economic effects of a prolonged showdown - as Trump has made economic growth the benchmark by which he wants his administration judged. China will be opening up.