(June 29): The US and China declared a truce in their trade war on Saturday, as Donald Trump said he would hold off imposing an additional US$300 billion ($405.3 billion) in tariffs and the world’s two largest economies agreed to resume negotiations.

After a high-stakes meeting with Chinese President Xi Jinping, Trump told reporters on Saturday that he also would delay restrictions against Huawei Technologies Co., letting US companies resume sales to China’s largest telecommunications equipment maker. Trump later tweeted that his meeting with Xi was “far better than expected.”

Trump outlined the deal at the end of the Group of 20 summit in Osaka, Japan, before heading to Seoul. The White House released no details about the arrangement worked out by the two leaders. The president’s comments may remove an immediate threat from a trade war looming over the global economy even as a lasting peace remains elusive.

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