Chinese Import Tariff Hike Postponed As Negotiations Proceed
In a Sunday tweet, President Trump announced the U.S. would delay the March 1 deadline requiring tariffs on more than $200 billion in Chinese imports to rise from 10 percent to 25 percent. The postponement comes as U.S. and Chinese negotiators meet on the issue.
On Twitter, President Trump said, “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. As a result of these very productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1.”
Ahead of the trade talks, China had agreed to buy up to $1.2 trillion in U.S. goods over the next six years, although disagreements remain on various issues, including intellectual property. U.S. officials have said there is an agreement on currency issues but other news from the current discussions has been short on details, and no date has been given regarding how long the tariff rate hike may be postponed.
President Trump and Chinese President Xi Jinping are scheduled to meet at the president’s Mar-a-Lago golf club in Palm Beach, Florida, in late March to conclude an agreement on the trade dispute between the two countries.