US President Donald Trump and Chinese President Xi JingpingIANS

US President Donald Trump said that he was open to a 'historic' deal and restart trade consultations with China at the G20 summit held in Osaka, Japan. The much-awaited talks are expected to ease the tensions that have locked the two countries into the trade war.

Trump said that the meeting with Chinese President Xi Jinping was "excellent" and that it would be "historic" if both the countries agreed to a fair trade deal.

No added tariffs

Chinese news media reported that the US said that it will "not to add new tariffs on Chinese exports."

US had earlier warned that the existing tariff on Chinese imports would be extended if the meeting didn't conclude favourable to the demands for various US economic reforms.

Cooperation over Confrontation

Xi stressed upon the need for dialogue over confrontation."Forty years on, an enormous change has taken place in the international situation and China-U.S. relations, but one basic fact remains unchanged. China and the United States both benefit from cooperation and lose in confrontation," Xi said.

He also said that China must "safeguard its core interests" on the issues of sovereignty and respect and expected the US to "treat Chinese companies fairly," reported Xinhua state news agency.

 Huawei issue

tensions between the two countries escalated after Washington blacklisted Huawei Technologies Co over national security concerns. The US also urged its allies to review their use of technology and equipment from the Chinese tech company.

The US also claimed that China has been stealing intellectual property from the country for years and forces US firms to exchange trade secrets as a condition to do business and promote state-owned Chinese companies to dominate in the US.