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China, US reviving stalled trade talks ahead of Trump-Xi G20 meeting

WASHINGTON:  China and the United States are going to review their trade talks amid a meeting between US President Donald Trump and his Chinese counterpart Xi Jinping during the G20 summit.

The news about rekindling the stalled trade talks between the two largest economies of the world. Financial markets hope that the escalating trade war between the two countries would abate.

Trump said on Tuesday that teams from the two sides would begin preparations for the leaders to sit down at the G20 summit in Osaka. China has also confirmed the meeting.

“Had a very good telephone conversation with President Xi of China. We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting,” Trump said in a post on Twitter.

The world’s two largest economies are engaged in a costly trade dispute that has pressured financial markets and damaged the world economy.

Talks to reach a broad deal broke down last month after U.S. officials accused China of backing away from previously agreed commitments. Interaction between the two sides since then has been limited, and Trump has threatened, repeatedly, to slap more tariffs on Chinese products in an escalation that businesses in both countries want to avoid.

In a speech Tuesday night formally launching his 2020 re-election campaign, Trump said he had taken “historic action to confront China’s chronic trading abuses.”

“It should have been done a long time ago, but the days of stealing American jobs and American companies, American ideas and wealth – those days are over,” Trump told the packed rally in Orlando, Florida.