Trump delays tariff hike on Chinese goods citing trade talk progress

Trump met Chinese Vice Premier Liu He in Washington on Friday

Trump met Chinese Vice Premier Liu He in Washington on Friday

Trump said in a tweet Sunday that he would push back his own March 1 deadline to increase tariffs on Chinese goods, citing progress in talks with Chinese officials.

Trump had planned to increase tariffs to 25 per cent from 10 per cent on $200 billion U.S. worth of Chinese imports into the United States if a deal was not reached by Friday between the world's two largest economies.

Earlier, media reported that USA and Chinese officials were discussing a late March summit between Donald Trump and his Chinese counterpart Xi Jinping.

The official Xinhua news agency used nearly the exact same language, reporting "substantial progress" on those thorny issues in the talks led by Xi´s top trade negotiator, Vice Premier Liu He. "We're going to have a signing summit, which is better still", the president said, referring to plans he announced Sunday to host the Chinese leader at his Mar-a-Lago estate in Florida next month.

Pak: Well, China has said it is willing to buy more USA goods.

US Secretary of the Treasury Steven Mnuchin said on Friday that a leaders' meeting at Mar-a-Lago was being tentatively planned for late next month.

"The Wall Street and globalist wing of the administration seem to be pushing for a short-term deal that we know will not be sufficient for our long-term interests", he said. "We still have a little ways to go", he said of a deal.

AEI Director of Asian Studies Dan Blumenthal discusses how U.S.

Still US firms see the tariffs have gotten both governments to sit down at the negotiating table and seriously hash out their issues, Stratford said.

Late last Friday Ag Secretary Sonny Perdue tweeted that China had committed to purchase an additional 10 million metric tons of soybeans in a good faith gesture as trade negotiations continue.

"This raises the chances of a deal but makes it harder for the United States to pressure China into making significant concessions related to its industrial and economic strategies". But we're getting very, very close.

It will likely be cheered by markets as a sign of an end to the dispute that has disrupted commerce worth hundreds of billions of dollars of goods and prompted stark warnings about the risks to the world economy.

The trade war was started by Trump over claims of unfair trading practices and intellectual property theft by the Chinese.

Bannon said binding agreements on the non-trade issues, such as forced technology transfers, could "only occur if you execute the 1 March tariffs-otherwise the pressure comes off the Chinese".

"China's forced technology transfers and IP theft practices are unfair and must be addressed", said Representative Earl Blumenauer of OR, the new Democratic chairman of the House Ways and Means trade subcommittee. "That is the big constraint the Chinese are facing now and that's why I think they are so desperately looking to make a deal with Trump", Lee explained.

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