US President announced delay of tariffs on China

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The US President Donald Trump announced on Sunday that he will be delaying US tariffs on China and will be planning a summit with Chinese President Xi Jinping at Mar-a-Lago to finalize the trade agreement.

“As a result of these very productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1. 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!” Trump posted in two tweets.

The President cited “substantial progress” on trade talks with China, pointing to “important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues.”

On Monday morning, China’s official news agency Xinhua said that China and the US have concluded the latest trade talks with substantial progress on specific issues.

The seventh round of trade talks between China and the US, which was extended for two days, focused on details around the text of an agreement, according to Xinhua News Agency.

Substantial progress on specific issues was made in technology transfer, intellectual property protection, non-tariff barriers, services, agriculture and foreign exchange rates, according to Xinhua.