President Donald Trump said he eased restrictions on Chinas most prominent technology company as part of a trade truce with Beijing, removing an immediate threat looming over the global economy even as a lasting peace remains elusive.
Trump said Chinese President Xi Jinping had promised to buy “tremendous” amounts of U.S. agricultural products in exchange. “Were going to give them a list of things wed like them to buy,” Trump said at a news conference following the Group of 20 summit in Osaka, Japan.
But Chinese official media reports said only that the U.S. president hopes China will import more American goods as part of the truce.
After Trump and Xi met at the G-20 on Saturday, the two countries plan to restart trade talks that broke down last month. Trump told reporters he wouldnt put additional tariffs on China for the “time being,” and that hell allow U.S. companies to supply Huawei Technologies Co. The Commerce Department last month blacklisted the company for national security reasons.
The Trump administration has been lobbying allies around the world not to buy Huawei equipment, which the U.S. says could be used for Chinese espionage. The company has denied the allegation. China has said it wanted Huawei removed from Commerces blacklist as soon as possible and has accused the U.S. of unfairly using state power to harass a private company.
“U.S. companies can sell their equipment to Huawei,” Trump said. “Were talking about equipment where theres no great national security problem with it.”
Huawei reacted positively to the news on its verified Twitter account: “U-turn? Donald Trump suggests he would allow #Huawei to once again purchase U.S. technology!”
The return to the negotiating table ends a six-week stalemate that has unnerved companies and investors, and at least temporarily reduces fears that the worlds two largest economies are headed into a new cold war. Still, its unclear whether they can overcome differences that led to the collapse of a previous truce reached at the G-20 in November.
Trump and top officials in his administration alleged that Beijing had reneged on provisions of a tentative trade deal. Its not clear if Xi agreed to return to previous agreements as part of the new truce.
Trump said he had not yeRead More – Source