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U.S.-China trade talks back on track after G20

Video Credit: Reuters Studio
Published on June 29, 2019 - Duration: 01:30s

U.S.-China trade talks back on track after G20

The United States and China agreed on Saturday to restart trade talks and that Washington would hold off on imposing new tariffs on Chinese exports, signaling a pause in the trade hostilities between the world's two largest economies.

Lauren Anthony reports.

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U.S.-China trade talks back on track after G20

(SOUNDBITE) (English) U.S. PRESIDENT DONALD TRUMP, SAYING: "We are going to continue the negotiation.

We agree that I would not be putting tariffs on the $325 billion dollars, that I would have the ability to put on if I wanted." A step forward in the long-running trade war between the U.S. and China.

President Donald Trump and Chinese leader Xi Jinping sat for talks on their ongoing friction on Saturday (June 29).

Where Washington agreed not to slap a fresh round of tarrifs on exports from China.

President Trump also added that U.S. companies can sell to Chinese tech giant Huawei.

A firm that's become a target for authorities.

(SOUNDBITE) (English) U.S. PRESIDENT DONALD TRUMP, SAYING: "We mentioned Huawei, I said we have to save that till the very end, we'll have to see." WHITE FLASH "One of the things I will allow however is, a lot of people are surprised, we send and we sell to Huawei a tremendous amount of product that go into the various things that they make, and I said that, that's okay that we will keep selling those products." Trump said although he won't be adding a fresh round of levies, he would not lift existing import tarriffs.

In a statement, China's foreign ministry said Xi told Trump he hoped the U.S. could treat Chinese companies fairly.

Talks between the two collapsed over a month ago.

After Washington accused Beijing of pulling back on reform pledges.

This new truce has offered relief from a nearly year-long trade standoff.

In which the countries have placed tariffs on billions of dollars of each other's imports.

Disrupting supply lines, rocking markets and dragging on global economic growth.

No timeline has yet been given on what will likely be a complex deal.

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