Published: Mon, July 01, 2019
Markets | By Otis Pena

Trump And Xi Came To This Agreement During The G20 Summit

Trump And Xi Came To This Agreement During The G20 Summit

Huawei is getting a partial reprieve from the United States trade ban.

Trump also said that Xi agreed that China will buy a "tremendous amount" of USA agricultural products. Trump said he will allow sales of United States goods where there is not a national security issue. That could help Huawei restore some of its partnerships for consumer tech like smartphones and PCs, but networking hardware is likely to remain off-limits.

The negotiations hit an impasse in May after Washington accused Beijing of reneging on reform pledges made during months of talks.

Trump had tweeted Saturday that his meeting with Xi went "far better than expected" and said along with halting additional tariffs, he was also allowing USA companies to sell some components to Chinese telecommunications giant Huawei. As a result, Trump told the media that "U.S. companies can sell their equipment to Huawei".

Sunday, President Trump's National Economic Council Director Larry Kudlow said on TV that trade talks with China will resume at their toughest point and "go on for quite some time".

After today's much-anticipated meeting between Xi Jinping and Donald Trump, tensions seem to have eased, but Scott Morrison said there was "still a lot more work to be done".

The President responded by increasing tariffs on $200 billion worth of Chinese imports from 10 per cent to 25 per cent - further inflaming relations with China responding by raising their own levies on United States imports.

The cease-fire allows US companies to temporarily trade with Huawei beyond the 90-days grace period.

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The impact of the tariffs continues to be felt in China, with the manufacturing Purchasing Managers' Index (PMI) languishing in negative territory for a second month in June.

The company has denied that it conducts espionage for Beijing. Yet the pressure on the USA to join the worldwide community on combating climate change is unrelenting and increasing all the time until Trump is convinced of the global will on climate change.

But he said he was not yet willing to remove Huawei from a trade blacklist.

Both countries have economic and political incentives to reach a deal.

It is not a big surprise for Xi and Trump to reach such an agreement. Trump, too, is confronted with an economy that, though still healthy, has looked a bit wobbly.

"Pulling back from the brink of further tariff escalation is a good sign for retailers and their customers", said David French, senior vice president for government relations at the National Retail Federation, in a press release emailed to Supply Chain Dive.

Trump also kept in place the import taxes he raised to new heights in recent weeks. "But as we've said before, fundamentally, this dispute is about much more than trade - it's part of a longer-term Great Decoupling that stems from a conflict over technological supremacy and geopolitical power".

This move is seen as a significant concession. Fighting then talking, fighting then talking, is the normal state of affairs, ' it said. "It's hard to predict what will happen tomorrow, so I can not say when the relations will return to right track".

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