Trump to delay further tariffs on Chinese goods
Excerpted from BBC.com news (2/25/19)
President Donald Trump has announced that the US will delay imposing further trade tariffs on Chinese goods.
The rise in import duties on Chinese goods from 10% to 25% was due to come into effect on 1 March.
Mr Trump said both sides had made “substantial progress” in trade talks, which sent Chinese stocks up nearly 5%.
He added that he was planning a summit with Chinese President Xi Jinping in Florida to cement the trade deal if more progress was made.
A report from China’s official news agency Xinhua also noted “substantial progress” on specific issues such as technology transfer, intellectual property protection and agriculture.
Mr Trump’s decision to delay tariff increases on $200bn (£153bn) worth of Chinese goods was seen as a sign that the two sides are making progress on settling their damaging trade war.
Last week, Mr Trump noted progress in the latest round of negotiations in Washington, including an agreement on currency manipulation, though no details were disclosed.
Sources told CNBC on Friday that China had committed to buying up to $1.2 trillion in US goods, but there had been no progress on the intellectual property issues.