OSAKA, Japan – President Donald Trump agreed Saturday to hold off on new tariffs on China as the two countries relaunched stalled talks aimed at ending their trade war.
Trump cast his meeting with Chinese President Xi Jinping on the sidelines of the Group of 20 economic summit in Osaka as a success, counting reporters that "we will continue to negotiate."
He said that 25 percent tariffs are already on hundreds of billions in Chinese imports will stay "at least for the time being, "but that was not going with a new $ 300 billion round of tariffs on Chinese goods that were threatened after earlier negotiations broke down." "We're not doing that," Trump said. "We're going to work with China on where we left off to see if we can make a deal."
China, a statement carried by its official Xinhua news agency, said negotiations had been restarted "on the basis of" equality and mutual respect, "adding," The US The averted tariffs remove a looming threat to the global economy ̵
Trump said that even as talks are ongoing, China had agreed to start spending money on U.S.
"We're going to give them a list of things we'd like to buy," the president said.
On another thorny issue, the two leaders did not appear to have made progress.
Trump has put on the Chinese telecom firm Huawei, accused by the US of spying and posing a cyber-security threat, and ahead of the summit there were indications that the Chinese planned to demand that it be removed as a precursor to a deal.
Trump said the two countries would save the Huawei issue "for the very end. "
Trump has already slapped a 25 percent tariff on $ 250 billion in Chinese goods to the dismay of global economists. Absent an off-ramp, Trump has also threatened 25 percent tariffs on another $ 300 billion in goods from China, though softened at position slightly before his trip by saying the rate could possibly be 10 percent.
Whether trade talks would be relaunched and more tariffs had been the key question overshadowing Trump's trip to the annual G-20 summit. Although a senior trump administration official said there were "absolutely no preconditions" for their meeting, the serious ramifications for the economy in both countries raised the stakes for some type of resolution or breakthrough, even if only partial.
"They would like to make a deal, "It was" historic. "
Although Beijing and Washington appeared headed for a deal in May, the US blamed China for scuttling the talks by pulling back from concessions it had already agreed to make. As he started his meeting with Xi earlier Saturday, Trump alluded to the breakdown in restrained, diplomatic terms that suggested he was seeking to avoid calling out the Chinese leader publicly in hopes or salvaging prospects for renewed talks.
“I actually think we were very close and then something happened where it slipped a little bit, "he said." Now it's getting a little closer. "