President Trump will delay an increase in tariffs on Chinese goods—which was set to take effect this week—due to “substantial progress” in trade talks, he has announced. The rise in import duties on Chinese goods was set to rise from 10 percent to 25 percent. Tweeting late Sunday, Trump said he hoped to organize a Mar-a-Lago summit with President Xi Jinping to “conclude an agreement” that would end a yearlong trade dispute between the world’s two biggest economies. However, Trump didn’t say how long the extension of a trade truce would last or give a date for the potential summit. “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,” he wrote. “As a result of these very productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1.”
