Osaka [Japan], June 29: Christine Lagarde, the director of International Monetary Funds (IMF) urged on Saturday G20 leaders to deduct tariffs, including other obstacles to global trade, cautioning the world economy had struck a “rough patch” because of the trade spat.
According to Reuters news reports, Lagarde, in a joint statement issued after concluding the G20 Osaka summit 2019, said, “While the resumption of trade talks between the United States and China is welcome, tariffs already implemented are holding back the global economy, and unresolved issues carry a great deal of uncertainty about the future.”
United States President Donald Trump and his Chinese counterpart Xi Jinping have on Saturday declared a truce in their global trade spat, during their bilateral meeting in Osaka, Japan, on the sidelines of the G20 summit.
According to China’s state-run media reports, they also agreed to resume their trade talks, after an unexpected stalled talks in May that caused a tariff war from both sides.
However, no immediate official statement or plans has been yet issued by the White House about a fresh round of trade talks, according to The Washington Post reports.
He said he will offer additional details on the development at a media conference later on Saturday. Trump said, “We had a very, very good meeting with China, I would say probably even better than expected. And the negotiations are continuing.”
The Chinese media outlet reported the US president had agreed not to slap Beijing with any additional trade tariffs, but there were no reports of suspending already-imposed tariffs on the Chinese goods.