Trump delays Chinese tariff increases, cites progress in trade talks

President Trump announced on Twitter Sunday that he will delay hiking tariffs on Chinese goods next month and arrange a summit with Xi Jinping because of headway made during trade talks between the world’s two largest economies.

“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,” he posted on his account Sunday evening.

“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!,” the president added.

During a White House event last Friday, Trump lauded the pace of high-level talks between his administration and a contingent of Chinese officials led by Vice Chairman Liu He and suggested he and Xi could work out the final details together.

“Ultimately, I think the biggest decisions and some even smaller decisions will be made by President Xi and myself,” the president said. “I think President Xi and I will work out the final points. Perhaps and perhaps not.”

The White House has accused China of stealing US technology and manipulating currency.

They have also engaged in a series of tit-for-tat tariff increases over the past year.

March 1 was the deadline for new tariffs if an agreement couldn’t be reached between the two countries.

Source: Read Full Article