"We will work together on a good agreement to avoid tariff escalation".
According to French news agency AFP, the source said the two presidents agreed to give talks a chance to "find a solution in an worldwide framework" and avoid "a trade war that will benefit no one".
France drew special scorn from Trump after officials announced plans to impose a 3 percent tax starting January 1 on the revenues that companies earn from providing digital services to French users.
The two countries have now agreed to delay their respective measures, although France only conceded under the condition that talks on digital taxation kept going at the Organisation for Economic Cooperation and Development (OECD).
But Tuesday, Le Maire offered to postpone collection of the tax until the end of 2020, giving time for negotiators at the OECD to hammer out an agreement on a broader framework to tax digital firms. That opened the door to the U.S.'s threat to hit $2.4 billion of French goods with tariffs in retaliation.
European leaders appear to be standing firm on plans to impose digital services taxes on US tech giants in the coming months, despite President Trump threatening to retaliate against the move.
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The dispute began previous year when Paris approved a levy of up to three percent on revenues earned by technology companies in France, as worldwide efforts dragged on to find a new model for taxing revenues earned via online sales and advertising.
Internationally, efforts have been underway to find out ways to tax tech revenues, since tech companies often pay little tax in countries in which they are not physically present, thanks to older tax regimes.
The European Union is an even bigger USA trading partner than China and supply chains between the two economies, particularly in automotive and financial services industries, are intertwined in ways that would make a tit-for-tat tariff dispute even more harmful to the world economy.
Bruno Le Maire, France's finance minister, said that he and his American counterpart had reached an agreement that would allow them to "progress towards a solution".
Negotiations are expected to continue between France and the US on a global framework where technology companies pay an appropriate amount of tax, a French diplomat said.
Among the products targeted with tariffs would be wine, cheese, and makeup. It also coincided with a change in leadership at the European Commission, the EU's executive arm.
A French diplomatic source told various media outlets that Macron and Trump had chose to hold off on any further tariffs until the end of the year.
The EU, meanwhile, is pressing ahead with a plan for tariffs against the U.S.in a parallel WTO case over unlawful subsidies to Boeing Co. Trump is en route to Davos, Switzerland, for the World Economic Forum. "They are, frankly, more hard to do business with than China".