United States and China have agreed to resume trade talks, easing a long row that has contributed to a global economic slowdown. The agreement was reached after US President Donald Trump and China’s President Xi Jinping met at the G20 summit in Japan’s Osaka.
In a statement China’s foreign ministry said that the US won’t be adding tariffs on US$ 300 billion worth of Chinese imports.
In a press conference the US president declared that US technology companies could again sell to China’s Huawei, effectively reversing the ban imposed last month by the US commerce department.
This after the Trump administration declared Chinese telecoms giant Huawei a security threat, effectively banning US companies from doing business with it. The ban crippling the Chinese firm’s ability to get critical American technology to help it make its products.
Trump has suggested easing US restrictions on Huawei could be a factor in a trade deal with Xi.
Meanwhile, China demands that US drop all curbs, saying Huawei presents no security threat.
The Chinese and US President held talks for over 80 minutes, and Mr. Trump called the conversation “excellent, as good as it was going to be.”
Source : Various