Trump tariffs delay China, “substantial progress.”

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Trump tariffs delay China, “substantial progress.”.

President Donald Trump said Sunday that he is delaying his plan to raise tariffs on $200 billion worth of Chinese goods later this week because talks aimed at addressing U.S. trade concerns have made “substantial progress.”

“I will be delaying the U.S. increase in tariffs now scheduled for March 1,” Trump said in the second of two tweets on the talks. “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 U.S. & China!”

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The remarks follow several days of meetings between teams led by Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He. Trump met with Liu in the Oval Office on Friday, and both men expressed optimism that a deal to end the trade war could be reached.

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“I am pleased to report that the U.S. 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,” Trump said in the first of his two China-related tweets today.

Trump has already imposed a 10 percent tariff on $200 billion worth of Chinese goods and a 25 percent tariff on another $50 billion. He had planned to raise all the duties to 25 percent on March 2 if no deal was reached by March 1.

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Trump had repeatedly indicated in recent weeks he could extend the deadline if the talks are making progress. Sunday’s decision marks the second time he has extended the deadline for China, since the tariff hike was originally scheduled to take place at the end of last year.

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