Trump ahead of his bilateral meeting with Chinese President Xi Jinping says it would be ‘historic’ if China and U.S. could reach a fair trade deal. More here: G20
OSAKA - The United States and China agreed on Saturday to restart trade talks and that Washington would hold off on imposing new tariffs on Chinese exports, signaling a pause in the trade hostilities between the world’s two largest economies.
Trump said while he would not lift existing import tariffs, he would refrain from slapping new levies on an additional $300 billion worth of Chinese goods - which would have effectively extended tariffs to everything China exports to the America. “China is sincere about continuing negotiations with the United States ... but negotiations should be equal and show mutual respect,” the foreign ministry quoted Xi as saying.
The United States has pressed its allies to shun Huawei in their fifth generation, or 5G, networks on security grounds, and has also suggested it could be a factor in a trade deal. Trump said on Saturday that he had discussed Huawei with Xi and that resolving that issue would come later, but added that U.S. companies would be able to sell components to Huawei.Financial markets are likely to breathe a sigh of relief on news of the resumption in U.S.-China trade talks.
The United States says China has been stealing American intellectual property for years, forces U.S. firms to share trade secrets as a condition for doing business in China, and subsidizes state-owned firms to dominate industries.China has said the United States is making unreasonable demands and must also make concessions.
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