President Donald Trump announced Sunday that the United States would delay additional Chinese tariffs that were set to go into effect March 1 as he continues trade talks with China.
Trump tweeted Sunday about “substantial” progress in discussions of trade between the U.S. and China, the two largest economies in the world.
“As a result of these very productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1,” the president wrote. “Assuming both sides make additional progress, we will be planning a Summit for President Xi [Jinping] and myself, at Mar-a-Lago to conclude an agreement. A very good weekend for U.S. & China!”
As late as this past Friday, Trump had planned to levy more tariffs on China. On Sunday, the president did not indicate a new date on which he might potentially impose the additional tariffs.
The U.S. agreed in December to delay by 90 days a planned 25 percent increase in tariffs on $200 billion in Chinese imports so that the two leaders could attempt to talk out their trade differences. Trump at that point had already imposed import taxes on $250 billion in Chinese products ― a 25 percent tariff on $50 billion in goods and a 10 percent levy on the remaining $200 billion.
Trump’s latest tweet included plans for a summit with Xi at his Mar-a-Lago resort in Palm Beach, Florida.