The United States and China are once again engaging in a trade agreement. Both countries decided to do so on Saturday after the negotiations were terminated last month.
President Donald Trump announced this on Saturday after his conversation with Chinese leader Xi Jinping in the margins of the G20 summit in Osaka, Japan.
According to the Chinese news agency Xinhua, the United States has promised not to introduce any new import tariffs on Chinese products.
Prior to the conversation, Trump expressed the hope that the two countries would come closer to an agreement. “I think this will be a very productive meeting and I think we can achieve something that will be really big.”
The two largest economies have been waging a bitter trade war for a year that is slowing the economic growth of both countries and damaging the world economy. Prior to the conversation, Trump expressed the hope that the two countries would come closer to an agreement.
The resumption of negotiations will temporarily reassure investors and markets worldwide. Experts, however, assume that the negotiations will remain tough, so that a settlement of the trade war can still be far away.