US President Donald Trump with Chinese President Xi Jinping at G20 Summit

The G20 summit ended on 29 June with a sign of easing trade tensions between the world’s two largest economies, US and China.

US President Donald Trump on Saturday announced that the US will put a halt on new tariffs on Chinese exports, Reuters news agency reported.

Prior to talks with Chinese President Xi Jinping at the G-20 Summit in Japan’s Osaka, Trump said he was open to a potentially “historic” trade deal with China to resolve the trade stand-off that has already cost billions of dollars for companies in both countries.

“We had a very good meeting with President Xi of China,” Trump said after the talks. “I would say excellent.” “We are right back on track,” he added. However, he did not provide any details of any agreement.

“I actually think that we were very close and … that something happened where it slipped a little bit, and now we’re getting a little bit closer,” Trump told Xi during the meeting.

The two superpowers are yet to issue official formal statements in this regard, however, the Chinese state media said Washington had committed not to impose any new tariffs on Beijing’s exports and that the two sides had agreed to restart trade and economic talks.

Earlier, Trump threatened to extend existing tariffs for almost all imports from China into the US if the meeting failed to make any progress on economic reforms.

The US President was planning to launch 25% tariffs on virtually all remaining Chinese imports, a $300 billion list of mostly consumer goods including cellphones, laptop computers, clothing, footwear and baby gear.

 “Forty years on, an enormous change has taken place in the international situation and China-U.S. relations, but one basic fact remains unchanged. China and the United States both benefit from cooperation and lose in confrontation,” Xi said.

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

“Today I’m prepared to exchange views with you on the fundamental issues concerning the growth of China-U.S. relations, so as to set the direction for our relationship in the period to come and to advance the China-U.S. relationship based on coordination, cooperation and stability,” Xi said.

The meeting happens after negotiations failed in early May. Since then, Trump has raised tariffs on a previous $200 billion list of Chinese goods to 25% from 10%.

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