"We have a tremendous intellectual property theft situation going on, which likewise [costs us] hundreds of billions of dollars, and that's on a yearly basis", Trump said at the time.
U.S. President Donald Trump attends a bilateral meeting with China's President Xi Jinping during the G-20 leaders summit in Osaka, Japan, June 29, 2019.
China's state-run Xinhua News Agency also reported that the two sides agreed to restart trade negotiations and that the USA will not impose new tariffs. "That has been made much, much tougher by Trump's own escalation of tensions over the last two months". The Trump administration has alleged the Chinese government could use Huawei's products to spy on countries that use them in their networks. In recent weeks, Beijing has not so subtly floated the possibility of targeting individual USA companies and weaponizing rare earths exports. "I'm talking about equipment where there's no great national emergency problem with it". "Donald Trump suggests he would allow #Huawei to once again purchase United States technology!" This decision will jump-start trade talks that stalled last month.
"The base case scenario was met at G20 and while we are no worse for wear, let's see what the G20 hangover brings", said Stephen Innes, market analyst at Vanguard Markets. China denies it engages in such practices.
It was not immediately clear what, specifically, Trump had in fact agreed to.
On Saturday he took a big step toward doing just that, signalling that he cares more about selling U.S. products to China than embarking on a clash of civilisations advocated by some top advisers.
Trump earlier said the meeting with Xi went "even better than [he had] expected".
Trump also met with Turkey's president, Recep Tayyip Erdogan, an ostensible North Atlantic Treaty Organisation ally whom the USA sees as drifting dangerously toward Russia's sphere of influence.
Trump said negotiations with China are "back on track" after an "excellent" meeting with the Chinese president, who warned him of the risks posed by 'confrontation'.
"Turkey has been a friend of ours", Trump said.
Beyond the Huawei move, nothing that happened in Osaka indicated the USA and China were near a resolution on a growing list of grievances, according to Scott Kennedy, a China expert at the Center for Strategic and International Studies. But only the United States has gone so far as to impose a ban on trading with the company more widely.
The move is likely to draw criticism in Washington where national security hawks have urged Trump not to ease any pressure against Huawei.
In kind, the Chinese government developed a list of "unreliable entities" that could target USA tech giants.
Investors are hoping for a repeat of Trump and Xi's December agreement to postpone new tariff hikes while they negotiated over trade and technology.
The U.S. has accused Meng of tricking banks into conducting more than US$100 million worth of transactions for Huawei that may have violated U.S. sanctions on Iran.
Since trade talks collapsed on May 10, Trump has raised tariffs on US$200 billion of Chinese goods to 25 from 10 per cent.
The world's two biggest economies have been locked in a trade war since past year, when Washington slapped Beijing with 25-percent tariffs on $50 billion worth of Chinese technology products, triggering a similar response from Beijing.