President Donald Trump announced Sunday on Twitter that he would be delaying an increase in tariffs against China and plans to meet with Chinese President Xi Jinping to settle on a final trade agreement.
Trump said ongoing trade negotiations with China have been “very productive” and he would delay the tariffs, which were set to go into effect on March 1, ahead of a meeting with President Xi at the president’s Mar-a-Lago resort in Florida.
“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 wrote on Twitter. “As a result of these very productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1.
He continued: “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!”