U.S. President Donald Trump has delayed tariff increases on China, which were set to take effect Mar. 1 after his administration reported “substantial progress” during trade talks in Washington between American and Chinese officials.
“I am pleased to report that the U.S. has made substantial progress in our trade talks with China on important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues,” Trump tweeted Sunday. “As a result of these very productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1. Assuming both sides make additional progress, we will be planning a Summit for President Xi and myself, at Mar-a-Lago, to conclude an agreement. A very good weekend for U.S. & China!”
Trump continued to tease the idea of a deal with China during a press conference Sunday evening, saying “if all works well, we’re going to have some very big news over the next week or two,” the New York Times reported.
With no deadline on a tariff increase announced, Trump’s extension will prevent the U.S. from increasing tariffs on $200 billion of Chinese exports to 25% from 10%, announced last year.
