Biden: Had a “good meeting” with China’s Xi

US President Joe Biden said on Tuesday that he had a good meeting with Chinese President Xi Jinping. Biden said that he and Xi have a lot to follow up on and that their aides would be working together on a range of issues.

Biden added that he made clear to President Xi that the US supports the Taiwan Act. The US and China conducted talks during Tuesday’s Asia Pacific trading hours (the talks started at 0046GMT on Tuesday and lasted about three hours).

Analysts said the meeting went well, offered signs of improvements in the two countries’ bilateral relations and provided the chance of partial tariff removals.

Tuesday’s virtual summit seems to have been designed only to ease tension and was not meant to achieve full normalization of the bilateral relationship.

The summit paves the way for subsequent Chinese-US trade negotiations, during which the US may soften its trade measures against China. Markets have not reacted to the latest comments from Joe Biden yet.