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.
The move, announced after the G20 summit in Osaka, Japan, signalled 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 meeting with Chinese President Xi Jinpingon the sidelines of the summit of leaders of the Group of 20 (G20) major economies.
Trump said while he would not lift existing import tariffs, he would refrain from slapping new levies on an additional $300bn worth of Chinese goods – which would have effectively extended tariffs to everything China exports to the US.