Trump announces negotiations with China are 'back on track'

To protect its profits from tariffs Deere & Co has cut costs and increased prices- with an estimated $100m increase in the cost of its raw materials this year

"U.S. companies can sell their equipment to Huawei", Trump said at a news conference after meeting with Chinese President Xi Jinping on the sidelines of the G-20 Leaders' Summit in Osaka, Japan, adding that he was talking about equipment that did not present national security issues.

The dispute has already cost both countries billions of dollars, disrupted global manufacturing and supply lines, and roiled global markets.

The president agreed Saturday, to hold off on imposing 25% tariffs on $325 billion worth of Chinese goods, in exchange for restarting trade talks.

The president said he agreed to let Huawei buy USA products "at the request of our high tech companies".

China has slapped its own tariffs on US products, including those produced by already financially strapped American farmers.

But American companies have also been stopped from buying from Huawei, because Washington says its technology poses a national security risk.

Asked by reporters in Osaka what was discussed regarding Huawei, a Chinese foreign ministry official said he did not know, but that China would welcome lifting the United States ban.

World leaders discussed challenges to the global economy as trade uncertainties continue to weigh on economic growth.

Kissinger Associates Vice Chairman Bob Hormats on the trade conflict between the United States and China.

US President Donald Trump and China's Xi Jinping agreed to another truce in their trade war Saturday, removing an immediate threat looming over the global economy even as a lasting peace remains elusive.

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Trump told reporters that he and Xi had a "very, very good meeting", adding that it had gone better than expected.

"China is honest about continuing negotiations with the United States. but negotiations should be equal and show mutual respect", the foreign ministry quoted Xi as saying.

"If Chairman Kim of North Korea sees this, I would meet him at the Border/DMZ just to shake his hand and say Hello (?)!", he wrote.

Trump, noting his "excellent relationship" with Xi, said "we want to do something that will even it up with respect to trade".

The USDA said Chinese importers bought 544,000 tonnes of USA soybeans for shipment in the 2018/19 marketing year which expires on August 31.

In their communique, the leaders warned of growing risks to the world economy but stopped short of denouncing protectionism, calling instead for a free, fair trade environment after talks some members described as hard.

The truce reached in Osaka on Saturday between the USA and China was largely expected by Wall Street.

The U.S. tried to sideline Huawei by urging nations to resist the company's 5G technology, citing its purported coziness with the Communist government's surveillance capabilities. -China relationship featuring coordination, cooperation and stability, expressing confidence that his meeting with Xi will give a strong boost to the development of U.S.

The Commerce Department last month moved to blacklist Huawei, cutting it off from United States suppliers, though many companies have managed to skirt the restrictions.

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