President Trump said Monday that trade talks with China have resumed, signaling that the world’s two largest economies have ended their period of silence over their months-long trade conflict.
“It’s already begun. They’re speaking very much on the phone, but they’re also meeting. It’s essentially already begun,” Trump told reporters in the Oval Office, referring to negotiators from both countries.
{mosads}Trump and Chinese President Xi Jinping agreed Saturday at the Group of 20 summit in Osaka, Japan, to resume trade negotiations that stalled in May. The president said U.S. and Chinese officials had already started speaking “before our meeting.”
The move marked a truce after Washington and Beijing increased tariffs on each other’s goods. Trump said he would hold off on imposing tariffs on an additional $300 billion in Chinese imports while the talks proceed.
Trump issued his threat after China balked on agreeing to change its economic laws, according to officials. The president said any final deal would have to be “better for us than for them.”
“If we don’t make a great deal, if we don’t make a fair deal — it has to be better for us than for them because they had such a big advantage for so many years,” he said.