Chief trade negotiators of China, US hold telephonic talk

China's Vice Premier Liu He on Tuesday held a telephonic conversation with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin after the top leadership of the world's two largest economies agreed to initiate talks for a truce in the year-long trade stand-off.

The two sides exchanged views on implementing the consensus reached by US President Donald Trump and his Chinese counterpart Xi Jinping on the sidelines of the G20 summit in Osaka, Xinhua reported quoting China's Ministry of Commerce.

Both Trump and Xi had agreed to formally resume talks aimed at reaching a deal which would put a stop to the tariff war, which had started last year.

After several rounds of talks following last year's G20 Buenos Aires Summit, the two sides were close to clinching a deal before talks broke down. Trump has blamed China for backing out at the last moment.

The Chinese Ministry added that Minister of Commerce Zhong Shan had joined the conversation held between the two countries' chief trade negotiators on Tuesday.