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SK8T3R215 06/29/19 10:11:14 AM #1: |
OSAKA, JapanPresident Trump and Chinese President Xi Jinping agreed to a cease-fire on trade that will remove some curbs on Huawei Technologies Co. buying high-tech equipment from the U.S., for the moment lifting one cloud over the global economy.
Under the cease-fire, the U.S. agreed to put off additional tariffs on Chinese goods indefinitely. In response, China will start buying large amounts of American farm products, Mr. Trump said. Until the two leaders sat down for an 80-minute lunch meeting Saturday on the sidelines of a Group of 20 meeting, the U.S. was poised to hit China with tariffs on the roughly $300 billion in goods that arent currently covered by 25% tariffs. Afterward, Mr. Trump said the sides were ready to start talking again. Were going to work with China on where we left off to see if we can make a deal, he said at a news conference. Im not rushed, he said, calling the talks intricate. Mr. Trump said he was leaving the Huawei issue until the end of negotiations, but for now, the Chinese telecommunications giant looks to gain a significant reprieve. The president said American firms could ship goods to Huawei, which parts of the U.S. government have called a national-security risk. He added that the U.S. would hold meetings shortly on how to deal with Huawei. The company is on a so-called entity list, which prevents suppliers from selling U.S.-origin technology to Huawei without government approval. The National Security Council has been examining ways of narrowing the restrictions on Huawei so they focus on sales of U.S. technology used in chokepoints, where Huawei technology could control wireless networks, people familiar with the discussions said. Mr. Trump was clearly making Huawei a part of any trade settlement, although his top advisers, including Treasury Secretary Steven Mnuchin, have said the administration was keeping Huawei separate from trade talks. Were talking about equipment where theres not a great national-emergency problem with it, Mr. Trump said. The Wall Street Journal reported earlier this week that Beijing viewed a Huawei reprieve as a precondition for reaching a trade deal with Washington. The abrupt turnaround is bound to open the president to criticism from Democrats and hawkish Republican lawmakers who see Huawei as a threat. Secretary of State Mike Pompeo, Federal Communications Commission Chairman Ajit Pai and others have described the company similarly. Huawei is one of few potent levers we have to make China play fair on trade. If President Trump backs off, as it appears he is doing, it will dramatically undercut our ability to change Chinas unfair trades practices, said Senate Minority Leader Chuck Schumer (D.-N.Y.) in a statement Saturday. --- New York Knicks, New York Jets, New York Yankees. ... Copied to Clipboard!
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