The United States is delaying a planned increase of tariffs on more than $200 billion in Chinese exports after both sides hailed “substantial progress” made in trade talks.
US President Donald Trump also said Sunday that he planned to hold a summit with Chinese President Xi Jinping at his Florida estate Mar-a-Lago to ink a deal.
“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 wrote on Twitter.
After exchanging tit-for-tat tariffs on more than $300 billion in total two-way trade, Trump and Xi in December declared a truce and agreed to hold off on further tariffs or retaliation for 90 days.
Trump initiated the trade war, which ate into company profits and contributed to stock market plunges, because of complaints over unfair Chinese trade practices — concerns shared by the European Union, Japan and others.
“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 tweeted.
China’s official Xinhua news agency echoed those sentiments, saying the two sides “made substantial progress on specific issues” such as the transfer of technology, intellectual property protection, non-tariff barriers, the services sector, agriculture and exchange rates.
The delegations “came a step closer to realizing the important consensus reached” by Trump and Xi when they agreed to the truce in December, it added.
The report said the parties also agreed to “carry out follow-ups in accordance with the instructions of the two heads of state.”
Trump had already expressed optimism about the negotiations Friday after meeting with China’s vice premier Liu He, who led the Chinese side for the talks that concluded Sunday.
