Nepal | May 27, 2020

China agrees to restart US trade talks as Trump says “back on track”

REUTERS
Share Now:
  • Trump: Would be historic if US, China could do a fair trade deal
  • Xi says China, US both benefit from cooperation

OSAKA: The United States and China have agreed to restart trade talks and Washington will not level new tariffs on Chinese exports, China’s official Xinhua news agency said on Saturday, as US President Donald Trump said the talks were “back on track”.

Saturday’s high-stakes meeting between Trump and Chinese President Xi Jinping was being closely watched in hopes that it would ease tension rather than plunge the world’s two biggest economies into a deeper trade war.

G20-Summit Trump Xi

US President Donald Trump and China’s President Xi Jinping pose for a photo ahead of their bilateral meeting during the G20 leader’s summit in Osaka, Japan, June 29, 2019. Photo: Reuters

The dispute has already cost companies in both countries billions of dollars, disrupted global manufacturing and supply lines, and roiled markets.

“The US side said it would not add new tariffs on Chinese exports,” Xinhua said in a brief report, adding that negotiators of both countries would discuss specific issues, but gave no details.

Trump told reporters he had an excellent meeting with the Chinese leader and that talks were “back on track”. The two met in Japan’s western city of Osaka, on the sidelines of a summit of leaders of Group of 20 (G20) developed economies.

“We had a very good meeting with President Xi of China, excellent, I would say excellent, as good as it was going to be,” Trump said. “We discussed a lot of things and we’re right back on track and we’ll see what happens.”

Ahead of the talks, Trump had said a fair trade deal would be “historic”, but gave no details.

The trade dispute, which includes a feud over Huawei Technologies Co has fanned fears it could threaten global growth.

“The trade relations between China and the United States are difficult, they are contributing to the slowdown of the global economy,” European Commission President Jean-Claude Juncker said on Friday, the summit’s first day.

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

At the start of Saturday’s talks, Xi told Trump he was ready to exchange views on fundamental issues and stressed the need for dialogue rather than confrontation.

“Cooperation and dialogue are better than friction and confrontation,” he said.

The G20 leaders will agree on Saturday to accelerate reforms of the World Trade Organization, but stop short of calling for the need to resist protectionism in their closing communique, Japan’s Nikkei newspaper said.

The United States says China has been stealing US intellectual property for years, forces US firms to share trade secrets as a condition for doing business in China, and subsidizes state-owned firms to dominate industries.

China has said the United States is making unreasonable demands and must also make concessions.

The dispute escalated when talks collapsed in May after Washington accused Beijing of reneging on reform pledges. Trump raised tariffs to 25% from 10% on $200 billion of Chinese goods, and China retaliated with levies on US imports.

As ties have soured, the dispute has spread beyond trade. The US administration has declared Chinese telecoms giant Huawei a security threat, effectively banning US companies from doing business with it.

US officials have also pressed other governments to drop Huawei from plans to develop fifth generation, or 5G, networks.

Trump has suggested easing US restrictions on Huawei could be a factor in a trade deal with Xi.

China has demanded the US drop the curbs, saying Huawei presents no security threat.


Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

Australian PM calls for economic overhaul to fuel post-coronavirus recovery

Truce between employers and workers needed: PM Australia plots economic recovery Australia records just over 7,100 cases of COVID-19 Six cases from ship recently arrived from the UAE recorded SYDNEY: Australian Prime Minister Scott Morrison on Tuesday called for an ideological truc Read More...

Nepal reports highest single-day spike, Covid-19 spreads to 46 districts

KATHMANDU: Health Ministry on Tuesday confirmed 90 new cases of coronavirus infection which has taken the Covid-19 case tally to 772 in the country. This is the highest single-day total recorded in Nepal, so far. The new infections were detected through tests carried out at the National Public Read More...

Prime Minister Oli calls an all-party meeting

KATHMANDU: Prime Minister KP Sharma Oli has called an all-party meeting today. The meeting has been called to discuss COVID-19 situation in the country, the government's response and the way ahead. PM Oli had addressed the nation yesterday regarding the same. In addition, it has been learnt th Read More...

NHRC calls for immediate legal action in Chaurjahari incident

KATHMANDU: National Human Rights Commission (NHRC) has expressed its concern over the killing of Nawaraj BK, Tikaram Sunar and Ganesh Budha and the circumstances of three others missing in the incident in Soti of Rukum West. Issuing a press release on Tuesday, NHRC expressed its sadness over the Read More...

Chinese climbers scale Mt Everest

KATHMANDU: A team of rope fixing Chinese climbers today scaled the world’s highest peak opening a climbing route to the top of Mt Everest from the northern side. The team reached the top of the world at around 2:25 pm by fixing ropes above 8,300 m on Tuesday, according to a source at the ba Read More...

PUBG rules as country languishes in ever extending lockdown

KATHMANDU: Esports in Nepal is still in its infancy but given the rise of the gaming community, it’s slowly but surely gaining traction. The Nepal Olympic Association has endorsed eSports as a sporting event with events like ComCon Nepal, Hackathons, ComCOsCOn and Nepal eSports Association (NESA) Read More...

HBO data hack

George RR Martin joins group to buy historic railway

SANTA FE, NM: George RR Martin, the famed author of the “Game of Thrones” fantasy series, has joined a group to buy the historic Santa Fe Southern Railroad. Violet Crown cinema owner Bill Banowsky, National Dance Institute of New Mexico co-founder Catherine Oppenheimer and Martin recently purch Read More...