As part of a tentative agreement that would see China buying "tremendous" amounts of US agricultural products, companies in the USA will be allowed to sell components to Huawei. He continued, "We have a lot of great companies in Silicon Valley and based in different parts of the country, that make extremely complex equipment - we're letting them sell to Huawei".
Trump and Xi met Saturday in Osaka, Japan, on the sidelines of the G20 summit in an effort to push forward trade talks after tensions escalated last month when the USA raise tariffs on $200 billion worth of Chinese imports to 25 percent.
Trump said that Huawei will stay on the blacklist, however, and that its future won't be decided until the end of the trade talks. But only the United States has gone so far as to impose a ban on trading with the company more widely.
The president agreed Saturday, to hold off on imposing 25% tariffs on $325 billion worth of Chinese goods, in exchange for restarting trade talks. Huawei has repeatedly denounced the pressure and accusations of spying as a desperate attempt by Washington to preserve its fleeting dominance over global telecommunications lines.
China's President Xi Jinping also signalled his support for de-escalation.
"I think we're going to be strategic partners", Trump said when asked by a Chinese journalist how he viewed China. The allegations were, however, denied by the company. But Trump's comments ended all of Huawei's worries, right?
Powell said last week that while there is greater uncertainty about trade and worries about the global economy, officials don't know how long this may last or how serious the drag might be.
"China and the United States both benefit from cooperation, and lose in a confrontation", Mr. Xi said.
The negotiations hit an impasse in May after Washington accused Beijing of reneging on reform pledges made during months of talks.
There are other irritants in the relationship.
Kudlow says the weekend agreement between Trump and Chinese President Xi "is not the last word". Some lawmakers have urged new rules on the subject for national security reasons.
This is especially the case since the consensus view seems to be that merely re-starting talks and making some minor concessions doesn't actually herald a breakthrough, and the risk is that the positive message from the G20 summit will once again result in disappointment.
It led to International Monetary Fund initially lowering its forecast for global growth this year and next.
His remarks in a freewheeling 73-minute press briefing in Osaka recalled his landmark summit with North Korean leader Kim Jong Un previous year in Singapore.
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