Trump extends China tariff deadline after 'substantial' progress

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Some have expressed concerns that after almost eight months of tit-for-tat tariffs roiling global financial markets, disrupting manufacturing supply chains, and shrinking US farm exports, Trump could end up settling for a deal that increases commodity sales to Beijing while doing little to change China's underlying trade practices and industrial policies.

Trump tweeted that the two sides had made "substantial progress" on structural issues, including protection of intellectual property and an end to the forced transfer of USA technology.

The March 1 was "hard deadline" would have seen the earlier tariffs increased to 25%.

In a tweet, Trump wrote that should progress continue, the US would plan a summit with President Xi Jinping of China to "conclude an agreement".

A USA business official in China says majority of its member companies want the United States to keep tariffs on Chinese goods, while Washington and Beijing try to hammer out a deal to end a months-long trade war.

Neither government gave more details but both expressed optimism.

"SEMA supports the administration's efforts to address China's unfair trading practices, but the use of tariffs as a negotiating tool has caused harm to many SEMA member companies", Mr. Kersting said.

The ongoing saga of the tariff feud between the United States and China will not be resolved by the original March 1 deadline as anticipated, according to new information from President Trump.

The arrest in Canada of Meng Wanzhou, the CFO of Chinese telecommunications giant Huawei and the daughter of the company's founder and president Ren Zhengfei, has been viewed as a nadir in trade relations between China and the West.

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In retrospect, the bilateral meetings in Beijing prior to last week's talks in Washington were "critically important", he said.

USA businesses will welcome the decision to delay higher tariffs.

US tariffs on $200 billion of Chinese goods had been scheduled to rise to 25 percent from 10 percent at 12:01 a.m. Saturday.

"Those proposals are all contingent upon a grand deal", he said on the sidelines of the U.S. Department of Agriculture's annual forum in Washington.

The two sides were discussing tariffs on Sunday as well as commodities, the source said.

Pak: Well, China has said it is willing to buy more US goods.

"If all works well we're going to have some very big news over the next week or two", he said, though he took care to add that "we still have a little ways to go".

The U.S. Tire Manufacturers Association did not comment on the delay, but said it continued to monitor the situation. Washington and Beijing are looking at a 10-item list for that, including additional Chinese purchases of agricultural produce, energy and goods such as semiconductors. "A very good weekend for USA and China!" The announcement of a cooling in U.S.

The Justice Department announced criminal charges last month against Huawei and its chief financial officer, Meng Wanzhou, alleging bank and wire fraud, violations of USA sanctions on Iran, and a conspiracy to obstruct justice related to the investigation.