US and China agree for trade-talk resumption at G20 Summit

• Financial

By the side of the G20 Summit in Osaka, Japan, American president Donald Trump and Chinese premier Xi Jinping agreed to thaw the coldness that had crept in the US-Sino trade association. Both leaders have agreed to resume trade talks, with the US assuring that no further levies will be imposed on Chinese imports into the country.

Speaking to gathered reported in Osaka, Trump exuded optimism after his hour-and-20-minute long meeting with Xi. He said, "We’re right back on track and we’ll see what happens." He also added, "...excellent, as good as it was going to be." According to a Reuters report, Xi is said to have conveyed to Trump about fairer trade and business treatments for Chinese organisations.

The positive result in the direction of the Sino-US business relationship has also been welcomed by trade analysts given the effect the imposition of tariffs and counter-tariffs by the two nations had on the international business environment.

According to Jacob Parker, VP of the US-China Business Council, "Returning to negotiations is good news for the business community and breathes some much-needed certainty into a slowly deteriorating relationship." While the initial trigger of the conflict was the US administration's decision to ramp up steps to safeguard American interests from the Chinese exports, other issues also fueled the fire.

One such issue was the US' decision to bar Chinese tech giant Huawei from engaging in business activities in the country.