During a 80-minute meeting with Xi, President Trump agreed not to proceed with plans to impose a 25 % duty on another $300 billion worth of Chinese goods, according to Politico.
“We’re holding on tariffs, and they’re going to buy farm product,” Trump told reporters during a press conference after his meeting with Xi at the annual G-20 leaders summit here in Osaka.
President Trump said that the U.S. tariffs in place against Chinese imports will remain, but that new tariffs he’s threatened to slap on billions worth of other Chinese goods will not be triggered for the “time being.” He announced that the United States and China would restart stalled trade talks, saying, “We’re going to work with China where we left off,” reported by The Associated Press.
The Associated Press reported:
We’ve had an excellent relationship,” Trump told Xi as the meeting opened, “but we want to do something that will even it up with respect to trade. Xi, for his part, recounted the era of “ping-pong diplomacy” that helped jump-start U.S.-China relations two generations ago. Since then, he said, “one basic fact remains unchanged: China and the United States both benefit from cooperation and lose in confrontation. Cooperation and dialogue are better than friction and confrontation,” he added.
In May, the Trump administration accused China of reneging on agreements made during prior rounds of trade negotiations, and on May 10, began to impose tariffs on upward of $250 billion worth of Chinese imports, affecting a range of products, from textiles to chemicals to electronics. The tariff initially began at 10%, but could be increased to as high as 25% in the coming year if a new trade agreement was not put in place.
China’s leadership has resisted the U.S. demands thus far, and retaliated against the U.S. tariffs by imposing tariffs of its own on $60 billion in U.S. imports to China, effective June 1. The Chinese tariffs primarily have affected U.S. agricultural exports.
Huawei will be allowed to buy from U.S. suppliers, but still on blacklist
President Trump said he’ll allow Huawei Technologies Co. to buy products from U.S. suppliers, after talks with Xi on Saturday.
“U.S. companies can sell their equipment to Huawei,” Trump said. “We’re talking about equipment where there’s no great national security problem with it,” according to Bloomberg.
Trump said the two leaders discussed Huawei as part of their talks.
“I said that’s O.K., that we will keep selling that product, these are American companies that make these products. That’s very complex, by the way,” Trump said. “I’ve agreed to allow them to continue to sell that product so that American companies will continue.”
The Commerce Department last month put Huawei on a blacklist, which effectively bars it from buying the U.S. technology it needs.
The Associated Press reported:
The fate of the company [Huawei] had become central in the ongoing US-China trade battle.
Trump, attending an international summit in Japan, announced that negotiations between the two nations would resume.
But Trump said that the company’s future would not be decided until the end of the trade talks.