Economy

Trump and Xi Agree to Resume Trade Talks

Trump and Xi Agree to Resume Trade Talks”

Donald Trump has stated he will allow Huawei to purchase products from U.S. suppliers following talks with Chinese president Xi Jinping at the G20 in Osaka, Japan.

The US President has warned that, although a deal this weekend is possible, he is willing to impose tariffs on virtually all remaining tariff-free Chinese goods and gradually do less and less business with China.

Trump has also pledged to use the face-to-face as an opportunity to raise the issue of two detained Canadians.

President Donald Trump meets with China's President Xi Jinping at the start of their bilateral meeting at the G20 leaders summit in Osaka, Japan, June 29, 2019.

On Friday, the European Union and the South American trade bloc Mercosur sealed a blockbuster trade deal after 20 years of talks, with European Commission President Jean-Claude Juncker hailing it as a "strong message" in support of "rules-based trade". "We're not discussing that with President Xi yet", he said.

Today's meeting between the two leaders was the centrepiece of four days of diplomacy in Asia for Trump, whose re-election chances have been put at risk by the trade war that has hurt American farmers and battered global markets. "I think it's something that's very easy to do".

Trump spoke to reporters at the end of his Osaka summit, hours after saying new talks with China were 'back on track'.

"China and the United States both benefit from cooperation and lose in confrontation", Mr Xi said.

On May 15, Trump had blacklisted Huawei with a national security order; the U.S. had publicly asked its allies to steer clear of using Huawei products over concerns that the equipment could be used by the Chinese government to obtain private information.

'I let him know we'll be there and we'll see.

Trump added that regarding a fair trade deal, "we're totally open to it".

But Mr Trump has suggested easing U.S. restrictions on Huawei could be a factor in a trade deal with China.

The U.S. president has said he would extend existing tariffs to cover nearly all imports from China into the United States if the meeting brought no progress on wide-ranging U.S. demands for economic reforms.

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

Negotiations dissolved in May when the White House accused China of reneging on trade commitments.

But the US has not agreed to take down the tariffs already in place, something China had been saying was a precondition for further talks.

"Even if a truce happens this weekend, a subsequent breakdown of talks followed by further escalation still seems likely", research firm Capital Economics said in a commentary.

"I've seen the culture that rarely would you see".

The feud escalated in the months leading up to the summit, after talks between the two countries collapsed in May.



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