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Trump, Xi agree to resume US-China trade talks during G-20 summit

Trump, Xi agree to resume US-China trade talks during G-20 summit
June 29, 2019

OSAKA (Web Desk) – The United States and China have agreed to restart trade negotiations, easing a protracted row that has fuelled a global economic slowdown.

US President Donald Trump and Chinese President Xi Jinping reached the agreement on the sidelines of the G20 summit in Japan. Mr Trump said the talks had been "excellent". He had threatened to impose an additional $300bn (£236bn) in tariffs on Chinese imports. However after the meeting in Osaka, he confirmed that Washington would not be adding the additional tariffs, and that he would continue to negotiate with Beijing "for the time being". The US president also announced that American companies could continue to sell to the Chinese technology firm Huawei, which Washington has banned because of security concerns. 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. “We’re holding back on tariffs and they’re going to buy farm products,” he said at a news conference. “If we make a deal, it will be a very historic event.” Trump said China would buy more farm products but did not provide specifics. In a lengthy statement on the talks, China’s foreign ministry said the United States would not add new tariffs on Chinese exports and that negotiators of both countries would discuss specific issues. Xi told Trump he hoped the United States could treat Chinese companies fairly, the statement added. On the issues of sovereignty and respect, China must safeguard its core interests, Xi was cited as saying. “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. Trump had threatened to extend existing tariffs to almost all Chinese imports into the United States if the meeting brought no progress on wide-ranging US demands for reforms. The dispute, which includes a feud over China’s Huawei Technologies Co, had also fanned fears it could threaten global growth. 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. The Trump administration has declared Chinese telecoms giant Huawei a security threat, effectively banning US companies from doing business with it.