American business groups applauded President Trump on Saturday after he and Chinese President Xi Jinping agreed to restart trade negotiations at the G20 summit in Osaka, Japan, easing tensions between the world’s two largest economies.
“Business Roundtable is encouraged that President Trump and President Xi agreed to resume trade negotiations and suspend any further tariff escalation,” the organization said in a statement on Saturday. Business Roundtable members lead companies with more than 15 million employees and $7.5 trillion.
The president declared that relations between the two nations were “right back on track” after the meeting. He also lifted restrictions on U.S. companies, allowing suppliers to sell components to Chinese telecom firm Huawei.
“We continue to support the Administration’s efforts to address long-standing unfair trade practices and urge both parties to conclude an agreement that addresses structural issues in China and removes tariffs,” the statement said. “The CEO member of Business Roundtable will continue to assist in achieving a successful outcome.”
The world leaders, on Friday night, said they would restart trade talks after relations soured at the beginning of May, when a near-deal crumbled after Washington officials accused China of reneging on some of its promises.
The U.S. already imposes a tariff on $250 billion worth of Chinese goods; however, Trump said he would consider lowering the tax rate to 10 percent from the proposed 25 percent during “phase two.”
The U.S. Chamber of Commerce also praised Trump for the dovish pivot on trade.
“We hope each side is now prepared to go the last mile to achieve a high-standard, comprehensive, enforceable agreement,” a statement from the agency said. “China must commit to addressing longstanding unfair trade practices and industrial policies that prevent a level-playing field for U.S. companies.”