Trump suspends new tariffs, U.S. and China to restart trade talks

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Osaka, Japan (CBS) — President Trump and China’s Xi Jinping agreed to restart trade talks on Saturday, averting an escalation feared by financial markets, businesses and farmers. “We’re going to work with China where we left off,” he said.

Mr. Trump said existing U.S. tariffs would remain in place against Chinese imports while negotiations continue, but additional tariffs he’s threatened to slap on other Chinese goods will not go forward for the “time being.”

Mr. Trump spoke after a lengthy meeting with Xi on the margins of the Group of 20 summit in Osaka. The U.S. president pronounced relations with China “right back on track,” but doubts persist about the two nations’ willingness to compromise on a long-term solution.

The apparent truce continues a pattern for talks between Mr. Trump and Xi, who have more than once professed their friendship and hit pause on protectionist measures, only to see negotiations later break down over contentious details.

Eleven rounds of talks have so far failed to end the standoff. The U.S. has imposed 25% import taxes on $250 billion in Chinese products and is threatening to target another $300 billion – a move that would extend the tariffs to virtually everything China ships to the U.S.

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