June 29 at 2:47 PM
President Trump cooled off his trade war with China this weekend, announcing he would hold off imposing more tariffs. Many businesses are cheering the move, which happened Saturday morning in Japan (Friday night in the United States) on the sidelines of the Group of 20 meeting of world leaders.
Trump and Chinese President Xi Jinping agreed to keep talking, reviving hopes of a deal soon. Trump called his time with Xi “great” and “beautiful.”
Many expected a restart in trade talks, which collapsed two months ago, leading Trump to increase tariffs on the Chinese and pursue sanctions on the Chinese tech behemoth Huawei. But China got almost all of what it wanted from this meeting: Trump agreed to hold off on more tariffs, and he made some concessions regarding Huawei. In exchange, Trump said, Xi agreed to buy more U.S. farm products.
It’s too soon to tell whether the fragile truce will hold, but for now, here’s a rundown of the winners and losers from this round of U.S.-China talks.
China — China may have lost at the World Cup in France, but the nation had a strong showing at the G-20. China won some concessions from the United States. Trump agreed he would not put tariffs on the remaining $300 billion of Chinese imports while they keep talking. Trump also rolled back some restrictions on Huawei, which faced a far darker future if it couldn’t do business with U.S. tech companies. In exchange, China agreed to resume some purchases of U.S. agricultural products — something China wants anyway and has been offering for more than a year. (It’s not clear how much China will buy.)
American retailers (Walmart, Target, Amazon, etc.) — Big sigh of