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US will not levy any new tariff on Chinese goods: Chinese media

OSAKA: The Chinese media is reporting that the US has agreed not to levy new tariffs on Chinese exports.

President Donald Trump and Chinese President Xi Jinping met at the sidelines of G20 summit in Japan.

After the meeting, Chinese news agency Xinhua said that it was agreed in the meeting of the two leaders that no new tariff will be imposed on Chinese exports.

The summit of the Group of 20 nations has entered its second and final day in Osaka, Japan. At the top of the agenda is the ongoing trade war between China and the United States, the world’s two biggest economies.

China and the US have agreed to restart trade talks and will have discussions on specific issues, Xinhua said.

After meeting Chinese leader, US President Donald Trump has said that relations between the two countries are “back on track” after a breakdown in trade talks last month.

“We had a very, very good meeting with China. I would say probably even better than expected. The negotiations are continuing,” Trump told reporters.

He said both sides will be making statements later on Saturday.

The meeting between the two has been seen by analysts and economists as the most important of the G20 Summit. They say a failure to agree on ways to ratchet down the US-China trade dispute could have dire consequences for the world economy.

The G20 is an international leaders’ forum comprising 19 countries and the European Union.

Collectively, the grouping represents more than 80 percent of the world’s economic output and two-thirds of its people. Its primary aim is to promote international financial stability.