US ‘loosening’ Huawei ban, but company remains on blacklist: Trump adviser

President Donald Trump meets with Saudi Arabia Crown Prince Mohammed bin Salman during a working breakfast on the sidelines of the G-20 summit in Osaka Japan Saturday

White House economic adviser Larry Kudlow says U.S. President Donald Trump won't back off national security concerns after agreeing to allow U.S. companies to sell some components to Chinese telecommunications giant Huawei.

Trump also offered an olive branch to Xi on Huawei Technologies Co, the world's biggest telecom network equipment maker. The statement is in reference to the USA government's ongoing concern over Chinese telecom equipment and its alleged potential for facilitating espionage. These are not things easy to make ... our companies were very upset, but we are allowing them. "We're holding on tariffs, and they're going to buy farm product", he said.

The remarks came after the US Commerce Department last month had reportedly moved to blacklist Huawei, cutting it off from the US suppliers.

At their meeting on Saturday, the leaders shook hands in front of flags in a small conference room, with Trump flanked by Secretary of State Mike Pompeo, a China hawk, and Treasury Secretary Steven Mnuchin, who has taken a more business-friendly approach to the talks.

However after the meeting in Osaka, he confirmed that Washington would not be adding the additional tariffs, and that he would continue to negotiate with Beijing "for the time being".

Following the agreement, Trump told reporters the meeting with China went well.

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"This is not a general amnesty, if you will", he said.

Tensions also flared when the United States declared Chinese telecommunication giant Huawei a security threat, effectively banning American companies from engaging in business with it and encouraging allies to do the same.

Taking place on the sidelines of the Group of 20 summit in Japan, the meeting was the centrepiece of four days of diplomacy for Trump, whose re-election chances have been put at risk by the trade war that has hurt American farmers and battered global markets.

The pause in tensions is likely to be welcomed by the business community, and markets, which have swooned on both sides of the Pacific due to the trade war. "At the request of our High Tech companies, and President Xi, I agreed to allow Chinese company Huawei to buy product from them which will not impact our National Security". Huawei has consistently denied this, yet this has not stopped the Trump administration.

Also, American companies such as Intel or Qualcomm were making a lot of money by selling their products to Huawei.

Trump earlier Saturday signaled the USA had made progress in trade discussions with China ahead of the lunch meeting in Japan.

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