There seems to be some breakthrough in the escalating trade tensions between US and China, but let’s not get carried away just yet. China’s ambassador to the US, Cui Tiankai, has stated that Beijing is keen to resume trade negotiations with Washington.

Tensions have been building up between the two world leaders ever since both sides hiked tariffs on each other’s goods. To make matters worse, the US banned businesses from using Huawei’s telecom equipment and effectively banned Huawei from receiving technology from American suppliers without special approval.

So far, the next round of discussions between US and China have not been scheduled and neither side has confirmed any update since the last meeting ended on May 10.

The news comes as a sliver of hope even as a leading business lobby based in China has confirmed that almost half its members have been experiencing non-tariff barrier retaliation in the Chinese markets over the tariff dispute.