(Business Insider)
The US and China agreed on Saturday to reopen efforts to resolve a sprawling trade dispute that began last year, temporarily dodging tariff escalations that were expected to have sweeping consequences for the world's largest economies.
The US president had vowed that he would slap punishing tariffs on virtually all imports from China if progress toward a deal was not made during a highly anticipated lunch with President Xi Jinping on the sidelines of the gathering.
"We had a very good meeting with President Xi of China," Trump told reporters early Saturday, without offering details. China's state-run Xinhua News Agency reported at the same time that the US would not move forward with $300 billion worth of proposed duties, which would have hit a wide range of products from cellphones to clothing.
"Excellent, I would say excellent," he continued. "As good as it was going to be. We discussed a lot of things and we're right back on track. And we'll see what happens but we had a really good meeting." Read more