Donald Trump Postpones Tariff Increase On Chinese Imports
President Trump announced Sunday that the US and China had made “substantial progress” in their trade talks and that he was postponing raising tariffs on Chinese goods while a deal is finalized, FORBES writes.
Trump said in a statement on Twitter that the progress included “important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues.”
Trump said that assuming that a deal can be completed, he was planning a summit meeting with Chinese President Xi Jinping at his Mar-a-Lago resort in Florida for a formal signing.
No details of the agreement have been released.
Trump had threatened to raise the tariffs on $200 million worth of Chinese exports from 10% to 25% on March 1 if no deal was reached. The Chinese economy has stumbled badly in recent months, in part because of the tariffs but also because of other domestic economic factors.
The breakthrough apparently came after four days of negotiations in Washington with Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer on the American side and the Chinese led by Vice Premier Liu He, Xi's top economic adviser.
Trump met with Liu in the Oval Office and praised the Chinese president . The two delegations, which had met Thursday and Friday, then agreed to work through the weekend.
Trump may have smoothed the way toward a deal by mentioning on Friday that he could intervene to stop the US prosecution of telecom firm Huawei, which has been charged with stealing American secrets.
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