A beaming Trump hailed the talks as a "great success", while Xi said China had reached a "consensus" with the United States on trade and economic issues.
Beijing and Washington have been locked in a blistering trade war, encompassing everything from rare earths to soybeans and port fees, which has rocked markets for months.
"Although there hasn't been a complete agreement, at least in the short term, there's been a suspension of tariff increases," 35-year-old media worker Yan told AFP outside a shopping mall in China's capital.
Dylan Loh from Singapore's Nanyang Technological University said the meeting was "significant" because it tackled a range of both longstanding and newly emerged roadblocks in the trade relationship.
"The conciliatory words used by both leaders are important, as they signal that there is room to steer the relationship back toward a more normal footing," Loh told AFP.
Both sides appear to have moved on key sticking points.
A decision by China to suspend certain export restrictions on rare earths "did a lot of magic", and Washington easing fentanyl-related tariffs "helps plenty too", said Lim Tai Wei, professor and East Asia expert at Japan's Soka University.
Xi's language with Trump struck a "notably constructive" tone, said Yue Su of the Economist Intelligence Unit (EIU).
"While structural competition remains evident... both leaders appear willing to find common ground and stabilise the relationship," Su told AFP.
- Long-term concerns? -
Beijing residents told AFP on Thursday they hoped to see a knock-on effect from the talks.
Gym owner Ma Ning said she thought the meeting improved "very tense" relations between the two countries.
"Good relations between the two sides are good for China," the 30-year-old said, adding she hoped the meeting would improve China's "sluggish economy".
Media worker Yan hoped to see the price of regular goods go down after the tariff reductions.
But he worried Trump's "unstable" personality might undermine longer-term solutions.
While the outcomes from Thursday's meeting were positive, analysts said there were "no surprises", especially with the two leaders avoiding more sensitive topics.
Trump said Taiwan, the self-ruled island that China claims as its territory, was not discussed.
"By the time the two sides meet again, US-China negotiations will likely enter truly deep waters," the EIU's Su said.
"Issues such as Taiwan, market access, and national security will test how much genuine willingness both sides have to pressure the other into making concessions on their own priorities."
Either country could also decide, at some point, to walk back on the specific decisions announced on Thursday.
"There is the issue of one or both sides changing their minds or accusing the other side of not acting in good faith," said Chong Ja Ian from the National University of Singapore.
"We've seen this before... in recent years," Chong told AFP.
"Trump also appears to prefer negotiating and renegotiating to keep interlocutors on the back foot," he said.
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