U.S. President Donald Trump and Chinese President Xi Jinping said over the weekend that they don’t plan to levy new tariffs on each other country’s products, at least for the time being.
The two men met in Osaka, Japan, the scene of the Group of 20 summit. Stocks on Asia Pacific markets mostly rose early Monday on the news of an apparent truce. Investors expected similar gains on U.S. markets.
The announcement means the two countries intend to resume trade talks at some undetermined date, but some analysts were skeptical much progress will be made.
President Trump also suggested he will reverse the U.S. decision to ban American companies from selling products to Huawei, based in Shenzhen, according to reports, including from CNBC.
But President Trump said the Huawei decision hinges on the conclusion of negotiations with China. He said Huawei has not been removed from the entity list that indicates Huawei is a security threat.
Any Huawei relief applies to the parts of the current ban that don’t affect U.S. security, according to a report from the Wall Street Journal.
Sen. Marco Rubio, R-Fla., tweeted that any concession on Huawei would destroy the credibility of the Trump Administration. “If President Trump has agreed to reverse recent sanctions against Huawei he has made a catastrophic mistake,” Rubio said on Twitter on Saturday.