U.S., China declare truce in trade standoff

By

National News

July 1, 2019 - 10:09 AM

OSAKA, Japan — President Donald Trump has agreed to restart trade talks with China and hold off new tariffs and certain restrictions on the star Chinese technology company Huawei, marking the latest ceasefire in his roller-coaster trade battle with Beijing.

Trump made the announcement Saturday after meeting with Chinese President Xi Jinping at the Group of 20 economic summit in Japan. Trump said the Chinese, for their part, will be buying a “tremendous amount” of U.S. farm and food products, though neither he nor Xi offered any details about this pledge.

Taken together, the actions appear likely, for now, to deescalate trade tensions that had been threatening the world economy. By themselves, however, they do not bring the two sides closer to narrowing the key gaps underlying their dispute, such as U.S. demands for structural changes in China’s state-controlled economy.

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