US and China restart trade talks as President Trump and President Xi meet at G-20 summit.
“We are right back on track,” Trump said following a lengthy meeting with Xi on the sidelines of the Group of 20 economic summit in Osaka. “We had a very, very good meeting with him, I would say probably even better than expected, and the negotiations are continuing.”
If confirmed by Washington, the averted tariffs on another $300 billion in Chinese goods would remove a looming threat to the global economy, but could also raise questions about what Trump received in return. The White House did not immediately confirm that Trump had agreed to hold off on more tariffs. But the president was expected to address the trade talks directly during a news conference scheduled for 3:30 p.m. in Osaka.
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 he softened that position slightly before his trip by saying the rate could possibly be 10 percent instead.
Before their meeting, NBC News and others reported that China planned to demand the U.S. remove all punitive tariffs on China as a precondition for an actual deal and also lift Trump’s ban on the Chinese telecom firm Huawei, accused by the U.S. of spying.
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