'Back on track': Trump, Xi seal trade war truce

Donald Trump has said he expects a'productive meeting with Chinese President Xi Jinping on the sidelines of the G20

U.S. President Donald Trump attends a bilateral meeting with China's President Xi Jinping during the G-20 leaders summit in Osaka, Japan, June 29, 2019. "All I did was put out a feeler if he'd like to meet", Trump said, adding that Kim was "very receptive to meeting".

"We're right back on".

"We have watched this movie before: China and the USA talk, leaks from policymakers on both sides encourage speculation we are close to a deal, things fall apart", said Hannah Anderson of J.P. Morgan Asset Management in a report.

The United States says China has been stealing American intellectual property for years, forcing U.S. firms to share trade secrets as a condition for doing business in China, and subsidising state-owned firms to dominate industries.

But when USA and Chinese negotiators sit down to work out details, the same hard task remains: getting China to convince the United States that it will curb its aggressive push to challenge American technological dominance - and then to live up to its promises.

The United States and China have agreed to restart trade talks and Washington will not levy new tariffs on Chinese exports, raising hopes for the world's two largest economies to resolve their trade war.

On Friday, the European Union and the South American trade bloc Mercosur sealed a blockbuster trade deal after 20 years of talks, with European Commission President Jean-Claude Juncker hailing it as a "strong message" in support of "rules-based trade".

But Trump on Saturday sounded much more optimistic about the future, even appearing to rebut the notion in his administration - repeated two days ago by acting Defense Secretary Mark T. Esper - that China is a long-term strategic competitor. "I would say probably even better than expected, and the negotiations are continuing". Putting the company on a Commerce Department "entity list" normally reserved for rogue regimes and affiliated businesses was seen as the latest sign the United States and China were tumbling into a new technological cold war.

Eleven rounds of talks have so far failed to end the standoff between the United States and China.

Xi will also ask Trump to make more "reasonable" demands about the amount of goods China purchases from the United States, the Journal reported.

During the press conference, Trump said he was in no rush to reach a deal with China.

China and the United States have highly integrated interests and extensive cooperation areas, and they should not fall into so-called traps of conflict and confrontation, Xi said.

Zhu Jianrong, a professor at Toyo Gakuen University of Japan, said the results of the meeting showed the inseparable relations between the United States and China, and they will benefit from cooperation and lose in confrontation.

Talks collapsed in May after Washington accused Beijing of reneging on reform pledges.

Trump told reporters he thought they would have a "very productive" meeting. "We are also relieved that President Trump has reconsidered his threat to impose additional tariffs, which would have accelerated harm to all American consumers, workers, and businesses of all sizes".

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