Tariffs had been set to rise across $200 billion worth of goods from China on March 2.
The Trump administration will delay the increase of tariffs across $200 billion of goods from China in annual import value beyond March 2, President Donald Trump tweeted Sunday.
The tariffs had been set to jump up from 10 percent to 25 percent if the two sides could not reach a deal to resolve trade issues by March 2.
But Trump tweeted that he is planning for a summit with Chinese President Xi Jinping at Trump’s property in Mar-a-Lago, Fla., to conclude an agreement at some point, assuming both sides make additional progress.
Chinese officials visited Washington, D.C., last week, as part of an ongoing bilateral dialogue to address issues in the countries’ trading relationship.
Both sides made “substantial progress” on issues including intellectual property protection, technology transfer, agriculture, services, currency, and “many other issues,” Trump said.
Though the U.S. and China had reportedly been preparing to issue several memoranda of understanding at the conclusion of talks, it now appears that any final product will be referred to as a “trade agreement,” as agreed by Trump, Chinese Vice Premier Liu He, and U.S. Trade Representative Robert Lighthizer, according to a transcript of a meeting on Friday.
“I wouldn’t go into a memorandum,” Trump said. “I would go right into a trade agreement. Either you’re going to make a deal, or you’re not.”