Citing “substantial progress” in lengthy trade talks, President Donald Trump on Sunday announced he is delaying for an unspecified amount of time an increase in tariffs on Chinese-made goods.
He also announced in a pair of tweets he will host Chinese President Xi Jinping at his South Florida resort to try and conclude a deal. He did not give a date or estimate for that Mar-a-Lago meeting.
U.S. fees on $200 billion in Chinese goods were set to swell from 10 percent to 25 percent on March 1 if the two sides had not yet reached a trade pact.
The delay gives both sides more time to keep negotiating, and means the talks will not hang over Trump’s nuclear disarmament summit Wednesday and Thursday with North Korea’s Kim Jong Un in Vietnam.
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