Xi, Trump agree to restart trade consultations

Chinese President Xi Jinping meets with U.S. President Donald Trump in Osaka, Japan, June 29, 2019.[Photo:Xinhua]

China's President Xi Jinping and his U.S. counterpart Donald Trump agreed to restart trade talks during a meeting the two leaders held on Saturday, in which the United States agree to hold off on introducing new tariffs on imports from China.

The two leaders met on the sidelines of the Group of 20 summit in Japan.

At the meeting on Saturday morning in the Japanese city of Osaka, President Xi Jinping and President Donald Trump agreed to restart the economic and trade consultations between China and the United States.

They agreed that the talks should proceed on the basis of equality and mutual respect.

At the beginning of their meeting, President Xi recalled the historic moment 40 years ago when China and the United States normalized their diplomatic relationship.

"I'm very happy to meet you here in Osaka, Mr. President. 48 years ago in 1971, in a place called Nagoya, just 100 kilometers from here, Chinese and American ping-pong players participating in the 31st World Table Tennis Championships had friendly interactions with each other. That marked the beginning of what we call Ping-Pong Diplomacy. 8 years later, in 1979, our two countries established diplomatic relations."

President Xi said that the interests of the two countries are tightly integrated, and that they should avoid falling into conflict, as the history of their relationship has shown that cooperation is better than confrontation.

"China and the United States both benefit from cooperation, and lose from confrontation. Cooperation and dialogue are better than friction and confrontation. Recently, Mr. President, you and I have stayed in close contact through phone calls and exchanges of letters. Today, I'm prepared to exchange my views with you on the fundamental issues concerning the growth of relations between China and the United States, in order to set the future direction of our relationship and to advance the relationship based on coordination, cooperation, and stability."

Xi Jinping said China is sincere in its desire to continuing the trade talks and manage its differences with the United States, but that the negotiations need to be based on the principles of equality and mutual respect, and must address each other's legitimate concerns.

On the other side of the table, President Trump said that he harbors no hostility towards China and hopes that the two countries can enjoy a better relationship.

He said that the United States will not add new tariffs on imports from China, and said that it would be "historic" if the two countries could make a deal.

He said he hopes to properly settle the trade imbalance between the two countries, and that China can increase the imports from the United States.

During the meeting, the US president recalled his trip to China two year ago.

"Thank you very much, Mr. President. We have had a lot of time together and we become friends. My trip to Beijing with my family was one of the most incredible of my life. I've seen the culture rarely would you see. "

Trump also said he always welcomes Chinese students to study in the United States.

In their meeting, Xi Jinping expounded on the principles and position of the Chinese government on the Taiwan question.

Trump said that the United States continues to pursue the one-China policy, and that he takes China's concern about the Taiwan question seriously.

Saturday's meeting between the two leaders was closely watched, with many people hoping that it would lead to an easing of the trade tensions between the world's two biggest economies.

The dispute has already cost companies in both countries billions of dollars, disrupted global manufacturing and supply lines, and roiled global markets.