Trump and Xi Agree to a Second Trade Truce
- Author: Leroy Wright Июл 01, 2019,
Июл 01, 2019, 13:15
Analysts who have watched U.S. As Chinese leader Xi commented on Friday on the sidelines of the summit, the Arab Gulf tensions make the entire region "standing at a crossroads of war and peace".
The president said that "for the time being" he would continue to negotiate with Beijing. "We are right back on track", the president said. In 2018, the United States had a $419.5 billion trade deficit with China.
The US president is meeting Mr Jinping on Saturday and hopes are now high this could bring an end to the dispute.
The Trump-Xi meeting came hours after the European Union and the South American trade bloc, Mercosur, sealed a free trade deal after two decades of negotiations.
Since then, he said, "one basic fact remains unchanged: China and the United States both benefit from cooperation and lose in confrontation". "China must safeguard its core interests on issues related to China's sovereignty and dignity", it read. Senate Democratic leader Chuck Schumer said backing off Huawei would "dramatically undercut" the U.S.'s ability to change China's trade practices, while Republican Sen.
However, tariffs now implemented would not be lifted, he said. Trump promised to hold off on his threat to slap new 25% tariffs on $300 billion in Chinese imports, and he agreed to lift some restrictions on Huawei, the Chinese technology giant at the centre of a dispute between the nations. The statement did not mention the current tariffs.
As expected, global trade issues dominated the deliberations of world leaders, on the top of which was the tariff war initiated by Trump on China past year.
The US President said Beijing will buy US agriculture products which will help American farmers. "We're going to give them lists of things that we'd like them to buy".
The ban for United States companies from selling products to the Chinese technology giant Huawei which the USA has accused of being a security risk will be lifted but the final deposition will be worked out in the trade talks. Beijing is reluctant to end subsidies to Chinese companies and to write any commitments into Chinese law. The company has continually denied the accusations. We're talking about equipment where there's no great national security problem with it.
You would think even Trump critics would acknowledge that the president has made great progress in getting China to the negotiating table and open to reaching a final agreement.
"In our talks, both with the United States and the Chinese authorities I was drawing their attention to the harmful impact this controversial matter is creating".
Huawei, the world's second largest smartphone maker behind Samsung and the largest telecommunications equipment manufacturer, was rocked by Mr Trump's executive order - signed on May 15, which blocked USA companies from buying equipment from companies deemed a national security risk.