The U.S. and China have agreed to restart trade negotiations and hold off from unleashing further tariffs on each other after an extended meeting at the G20 in Osaka, Japan.
“We’re going to work with China on where we left off to see if we can make a deal,” President Trump said at a press conference. He did not provide a timing structure, but added that he was not rushed.
This was the first time that President Trump and China’s Xi Jinping met face-to-face since trade talks fell apart in May when the former alleged that the latter reneged on a number of commitments that had been made.
That resulted in the U.S. increasing tariffs on $200 billion worth of goods from 15 to 25 percent and China retaliating with its own levies. Trump then also threatened to add duties to all remaining exports from China, totaling $300 billion and dragging fashion into the fray, unless China acquiesced. The latter has now been put off indefinitely.