President Trump says US won’t impose new tariffs on China, US firms to continue selling to Huawei

 

June 29, 2019

 


US President Donald Trump shakes hands with China’s President Xi Jinping before starting their bilateral meeting during the G-20 leaders summit in Osaka, Japan, on June 29, 2019. PHOTO: REUTERS

 

OSAKA – The United States will not impose any new tariffs on China for now, President Donald Trump said on Saturday (June 29) after high-stakes talks with his Chinese counterpart Xi Jinping on the bruising trade war.

“At least for the time being”, Washington will not impose new tariffs or remove existing ones, Mr Trump said at a press conference after the Group of 20 summit in Japan’s Osaka. “We will be continuing to negotiate.”

“We’re going to give them lists of things we’d like them to buy,” Mr Trump told reporters in Japan, where he’s attending the G-20 summit.

“We had a very good meeting with President Xi of China,” he said.

“Excellent. I would say excellent. As good as it was going to be. We discussed a lot of things and we’re right back on track.”

He also said US companies will continue to sell to Chinese technology giant Huawei.

“One thing I will allow is that – a lot of people are surprised that we sell to Huawei a tremendous amount of products that go to various products they make.

“And I said that is okay. We are going to continue selling those products. These are American companies producing the products. This is complex, highly scientific. We are the only one with the technology. I have agreed to allow them to continue selling the products.”

However, Mr Trump said that he did not discuss the case involving Huawei chief financial officer Meng Wanzhou with Mr Xi.

The two sides’ return to the negotiating table ends a six-week stalemate that has unnerved companies and investors, and at least temporarily reduces fears that the world’s two largest economies are headed into a new cold war.

Still, it’s unclear whether they can overcome differences that led to the collapse of a previous truce reached at last year’s G-20.

The joint interests of China and the United States are greater than the differences, a senior Chinese diplomat said on Saturday, following talks between Trump and Xi.

China and the United States both hope the world can achieve stable growth, Wang Xiaolong, the special envoy of G-20 affairs of the foreign ministry and director general of the Department of International Economic Affairs, told reporters.

Source: AFP, BLOOMBERG, REUTERS

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