G20 summit 2019: Trump meets leaders in Osaka
China's official state-run press agency Xinhua news have announced that President Xi Jinping and US President Donald Trump have agreed to resume stalled trade talks.
"(They) agreed that China and the United States should resume economic and trade discussions on the basis of equality and mutual respect," said a Xinhua report, carried on their website Saturday.
According to Xinhua, Trump agreed to not impose new tariffs on Chinese exports while trade talks were ongoing.
The US leader had threatened to raise tariffs to 25% on hundreds of billions of dollars of Chinese exports if talks fell through.
There currently is no confirmation from the United States delegation on the specifics of what was agreed on during the meeting, but Trump said talks with China are “back on track” after their meeting.
A statement is expected from the Trump administration in the coming hours.
US President Donald Trump and Chinese President Xi Jinping have just wrapped up a closed-door meeting, where they discussed the ongoing US-China trade war.
But let's go back to basics. Here's what you need to know:
What is the trade war?
The trade war encompasses a series of escalating tit-for-tat trade tariffs between the US and China. It started last June, when Trump announced tariffs on $50 billion worth of Chinese goods. Days later, Xi retaliated with tariffs on $34 billion worth of US imports.
The trade war has now been going on for a year. Hundreds of billions of dollars in US and Chinese exports are now facing heavy tariffs on both sides of the Pacific.
What does this mean for the public?
The tariffs mean American products are more expensive for Chinese importers -- and so soybean, corn, and wheat farmers in the US have taken a severe blow. Big US companies and industry trade associations, like Walmart and Costco, have also suffered.
When will it end?
No one is quite sure. The trade talks have stalled since May, and even though today's meeting signals something of a tentative restart in negotiations, US officials say a final deal isn't expected this week.
Instead, what's more likely is a truce of sorts that will avoid new tariffs while establishing a timeline for renewed talks.
Speaking ahead of his meeting with Turkish President Recep Erdogan, US President Donald Trump said trade talks with China are back on track after his meeting with China's Xi Jinping.
“We’re right back on track. We’ll see what happens,” Trump said after the talks wrapped. He described the meeting as “excellent” and “probably even better than expected.”
“We had a very good meeting with President Xi,” he said.
He did not describe the outcome of the talks, saying more details would be released by both sides. He said a US statement would be released around 3:30 p.m. local time (2:30 a.m. ET).
“The negotiations are continuing,” Trump said.
This morning, US President Donald Trump invited North Korean leader Kim Jong Un via Twitter to meet at the demilitarized zone (DMZ) that separates North and South Korea -- a suggestion Pyongyang called "very interesting."
“This morning, President Trump of the United States of America stated his position through Twitter that he wishes to meet and exchange greetings with Comrade Chairman of the State Affairs Commission in the Demilitarized Zone when he visits south Korea from June 29 to 30... We see it as a very interesting suggestion, but we have not received an official proposal in this regard," said Choe Son Hui, First Vice-Minister of Foreign Affairs in a statement to North Korean state media KCNA.
“I am of the view that if the DPRK-U.S. summit meetings take place on the division line, as is intended by President Trump, it would serve as another meaningful occasion in further deepening the personal relations between the two leaders and advancing the bilateral relations," Choe said.
US President Donald Trump is sitting down with Turkish President Recep Erdogan, his last major bilateral talks of the 2019 G20 summit.
Speaking ahead of the meeting, Trump said that Erdogan had "done a very good job."
"(Our) meeting is largely to do with trade, we're doing more and more business," he said.
There is currently a dispute between the two countries over Turkey's purchase of the Russian S-400 missile system.
When asked by journalist about his meeting with Chinese President Xi Jinping, Trump said it was a "very, very good meeting, better than expected."
"We're right back on track," Trump said, without elaborating any further. He said both sides would be putting out statements soon.
US President Donald Trump and Chinese leader Xi Jinping have finished their closed-door meeting.
There has been no announcement yet on what was agreed, or even whether any agreement was reached.
Up to 90 minutes were allotted for the two leaders to meet.
Trump is now meeting with Turkish President Recep Tayyip Erdogan, his last official meeting of the 2019 G20.
As US President Donald Trump meets with Chinese leader Xi Jinping, the big question is whether they'll be able to strike a deal.
There's no telling at this point how likely a trade war ceasefire is.
Earlier today Trump said, "Time will tell," while the Chinese government has only slightly backed down on its tough, nationalistic propaganda in recent days.
The US and China also remain far apart on important issues such as forced technology transfers and state research funding.
Both Trump and Xi have good reason to want an end to the trade war, however.
Trump is facing a tough fight for re-election in just over a year while Xi is just months off the 70th anniversary of the founding of the People's Republic of China.
The US leader has also threatened to raise tariffs to 25% on hundreds of billions of dollars of Chinese goods if talks don't go well.