The President cited “substantial progress” in US-China trade talks over the weekend. This comes as good news for Beijing who are eager to avoid a planned increase in US tariffs. The US is the biggest importer of Chinese goods and China’s trade surplus with the US is at its highest level in more than a decade.
This is despite President Trump’s pledge to pressure Beijing into reducing the US-China trade deficit.
President Trump tweeted: “I will be delaying the US increase in tariffs now scheduled for March 1.
“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 and China!”
READ MORE: END OF THE TRADE WAR? US and China in the ‘sprint phase’ of trade talk
Both sides have been meeting to hash out a definitive end to a wide-ranging trade dispute.
President Trump hinted at a breakthrough in “important structural issues.”
He cited progress on “intellectual property protection, technology transfer, agriculture, services, currency, and many other issues.”
US Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He held talks at the weekend at the headquarters of the United States Trade Representative in Washington DC.
The US-China trade war that has upended markets, and cast a shadow over prospects for global growth.
The two sides, representing the world’s largest economies, made progress on tariffs on Sunday as well as on commodities.
Though the two sides were said to be far apart on issues concerning the forced transfer of intellectual property.
The next summit between Chinese President Xi Jinping and the US President will be at Trump’s Mar-a-Lago golf club in Palm Beach, Florida.