Washington, Feb 25 (IECurrentAffairs) President Trump on Sunday announced that he is delaying an increase in tariffs on Chinese imports that were scheduled to go into effect March 1, citing “substantial progress” in ongoing negotiations with Beijing.
President Trump tweeted ” I am pleased to report that the US 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. As a result of these very…..”.
“…. productive talks, I will be delaying the US 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 US & China!
March 1 was previously the self-imposed deadline for the US and China to reach a trade agreement before the U.S. increased tariffs on billions of dollars in Chinese imports from 10 percent to 25 percent. The increase would come after the two countries exchanged tit-for-tat tariffs throughout 2018, The Hill reported.
Trump’s announcement comes after several days of trade talks with Chinese negotiators, who were scheduled to leave Washington on Friday but extended their stay by two days.
The US-China trade war has upended markets, and cast a shadow over prospects for global growth.