The United States and China agreed on Saturday to restart trade talks and that Washington would hold off on imposing new tariffs on Chinese exports, signalling a pause in the trade hostilities between the world's two largest economies. The truce offered relief from a nearly year-long dispute in which the countries have slapped tariffs on billions of dollars of each other's imports, disrupting global supply lines, roiling markets and dragging on global economic growth. "We're right back on track and we'll see what happens," US President Donald Trump told reporters after an 80-minute meeting with Chinese President Xi Jinping on the sidelines of a summit of leaders of the Group of 20 (G20) major economies in Japan. Trump said while he would not lift existing import tariffs, he would refrain from slapping new levies on an additional $300 billion worth of Chinese goods - which would have effectively extended tariffs to everything China exports to the America. "We're holding back on tariffs and they're going to buy farm products," he said at a news conference. "If we make a deal, it will be a very historic event." Trump said China would buy more farm products but did not provide specifics. In a lengthy statement on the talks, China's foreign ministry said the United States would not add new tariffs on Chinese exports and that negotiators of both countries would discuss specific issues. Xi told Trump he hoped the United States could treat Chinese companies fairly, the statement added. On the issues of sovereignty and respect, China must safeguard its core interests, Xi was cited as saying. "China is sincere about continuing negotiations with the United States ... but negotiations should be equal and show mutual respect," the foreign ministry quoted Xi as saying. Trump had threatened to extend existing tariffs to almost all Chinese imports into the United States if the meeting brought no progress on wide-ranging US demands for reforms. The dispute, which includes a feud over China's Huawei Technologies Co, had also fanned fears it could threaten global growth. The United States has pressed its allies to shun Huawei in their fifth generation, or 5G, networks on security grounds, and has also suggested it could be a factor in a trade deal. The Trump administration has declared Chinese telecoms giant Huawei a security threat, effectively banning US companies from doing business with it. Trump said on Saturday that he had discussed Huawei with Xi and that resolving that issue would come later, but added that US companies would be able to sell components to Huawei. - Reuters
