US and China resume trade as talks continue
This is good news for US farmers who have been bearing the brunt of the trade dispute in this country.
President Trump agreed to restart trade negotiations with China on Saturday after meeting with the country's leader, Xi Jinping, during a Group of 20 summit in Japan.
Trump said during a news conference Saturday afternoon that he would scale back restrictions on Chinese telecom giant Huawei and delay slapping new tariffs on Chinese goods as talks resume between the two countries.
“U.S. companies can sell their equipment to Huawei,” Trump said, explaining that the move was aimed at helping American tech companies that had complained about the ban. The company is on an "entity list" that essentially bars it from buying components from American firms without approval from the U.S. government.
Trump said China, in turn, had agreed to resume large purchases of American farm products and other goods from U.S. companies, though he did not offer further details.
The Trump administration will keep in place the 25 percent tariffs previously levied on roughly half of China's annual exports to the U.S., according to The New York Times.