Published: Пн, Июля 01, 2019
Global News | By Blake Casey

US, China agree to truce in the trade wars

US, China agree to truce in the trade wars

US President Donald Trump and his Chinese counterpart Xi Jinping appeared to step back from their trade war on Saturday, as Washington vowed to hold off on further tariffs and declared negotiations with China "back on track". "We're allowing [Huawei to purchase from USA suppliers] because that wasn't national security", he said.

Speaking on lifting the ban on Huawei, Mr. Trump said that it would be discussed at "the very end" of trade talks. Schumer criticized Trump for supposedly giving up "one of few potent levers we have to make China play fair on trade" by agreeing that American companies can sell products to Huawei.

"Although we are very deeply troubled by Beijing's recent behavior, we also believe that many USA actions are contributing to the downward spiral in relations", said the draft of the open letter to Trump and Congress signed by some 80 experts. "There will be no reduction in the Tariffs now being charged to China", he concluded. In May, the Trump administration added the Chinese tech giant to the U.S. Commerce Department's "entity list", effectively banning the company from doing business with U.S. suppliers, on national security grounds.

Trump's comments on Huawei, made at a more than hour-long news conference in Osaka following his sit-down with Xi, generated only a cautious welcome from China.

Treasury Secretary Steve Mnuchin claims a trade deal with china is 90% complete, and he believes there is a path to finishing it by the end of the year.

Trump has long complained about China's trade practices, and the USA administration is demanding far-reaching changes from China regarding theft of American intellectual property and the elimination of barriers that US firms and other foreign companies face in the Chinese market.

"U.S. companies can sell their equipment to Huawei".

Analysts who have watched U.S.

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Trump earlier said the meeting with Xi went "even better than [he had] expected".

The annual G-20 summit in Osaka, Japan between 19 industrial nations and the European Union became a single stage this weekend for the discussions between the United States and China on their bilateral trade war.

Trump said had an "excellent" meeting with Xi on the sidelines of the G-20 Summit in Osaka, Japan.

The Chinese Foreign Ministry quoted Xi as telling Trump he hoped the United States could treat Chinese companies fairly. "The national security concerns will remain paramount", he said.

"Cooperation and dialogue are better than friction and confrontation", he added.

Presidents Trump and Xi agreed to resume trade talks that broke down in May and to stop imposing new tariffs for now. He also said China had committed to resume purchases of farm and other products from the United States as part of the truce to relaunch negotiations, but offered few details. "Fighting then talking, fighting then talking, is the normal state of affairs", it said.

In their final statement, the G20 leaders admitted that "most importantly, trade and geopolitical tensions have intensified", echoing hard-won language from their finance ministers at a meeting earlier this month.

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