On Tuesday, the top negotiators of China and the United States held phone talks as both the countries seek to resolve their trade conflicts, over a week after they declared peace.
Talks was interrupted in May after the US accused Beijing of breaking its promises, dispute escalated with two sides trading sharp increases in punitive tariffs.
But the United States President Donald Trump and his Chinese counterpart Xi Jinping have agreed to restore negotiations when they met on the sidelines of G20 Summit in Japan’s Osaka on June 29.
On Tuesday, the United States Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin held talks with Chinese Commerce Minister Zhong Shan and Vice Premier Liu He.
The White House Economic Advisor Larry Kudlow told sources that the talks “went constructively” but was “too soon for details”.
In an interview with source, Mr. Kudlow has termed the discussion as “preliminary” and claims meetings with “probably” be arranged, but didn’t give more details.
He further informed that the US President has agreed to hold off on imposing new tariffs and will allow few the US-based products to be sold to Chinese telecommunication firm Huawei.
Mr. Kudlow told the US broadcaster, “Having said that, we have a very strong – I want to underscore this – a very strong expectation that China will really shortly, maybe immediately, begin to purchase US agricultural products.”
In a brief statement, the Chinese Commerce Ministry said that the two sides exchanged “opinions on implementing the consensus reached between the two countries’ heads of state in Osaka.”
Beijing and Washington have hit each other with punitive tariffs covers over $360 billion in two way trade and those duties retains in place.
After meeting with Jinping in Osaka, President Trump said that he would withhold from imposing tariffs on over Chinese products. The US President has previously threatened to put punitive duties on an addition $300 billion is China-made products.
President Trump has further provoked a backlash in the United Congress by agreeing to decrease few US export restrictions on components to Huawei, though he specified that officials would take care to avoid making new risks to national security for the United States.
The US had imposed tough sanctions on Huawei, whose equipment the US officials fear could be used as Trojan Horses for intelligence services in China.
It came as the United States Presidential Campaign has already started before November 2020 Election.
Asked about opinion that China may be waiting to see how the battle results, said Mr. Kudlow that it “would be a very big mistake on their part.”
“I think that kind of thinking would probably do great damage to these trade talks,” he added.
But Mr. Kudlow further suggested that the United States was in no hurry to finalize any deal.
“Speed is not an issue, quality is the issue,” added Mr. Kudlow, “And so I make no forecast on that and reiterate this view. There’s no timetable, none of that stuff.”