Trump To Delay March 1 China Tariffs Amid Trade Talks

Donald Trump rehashes beef with La Var Ball during White House press conference

Donald Trump rehashes beef with La Var Ball during White House press conference

US President Donald Trump has vowed to delay a planned tariff increase on Chinese exports after both sides hailed "substantial progress" in trade talks, raising the prospect of a summit with President Xi Jinping to seal the deal.

Negotiators of the two sides have achieved substantial progress on specific issues in the Feb. 21-24 talks in Washington, the seventh round since February previous year, covering technology transfer, protection of intellectual property rights, non-tariff barriers, service industry, agriculture and exchange rates, according to the Chinese delegation.

"As a result of these. very productive talks, I will be delaying the USA increase in tariffs now scheduled for March 1". USA officials, who have for years complained about China's poor follow-up record, are pushing for provisions that would either permit Washington to reimpose tariffs on Chinese goods should Beijing fail to meet certain milestones-called "snapback" in trade lingo-or leave the levies in place and gradually remove them if Beijing meets agreed-upon yardsticks.

President Trump is doing what was once thought impossible by closing in on a deal with China on trade and for now, he has postponed increasing tariffs while the final terms of the agreement are hammered out.

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.

While the president announced a March 1 deadline for the proposed punitive tariffs would be delayed, he did not indicate if a later deadline would be imposed if the trade talks were to suddenly stall.

Stock markets in Asia, which have been sensitive to the dispute, rose on Monday.

The goods, which have been under a 10-percent tariff order since September, include tires, rubber chemicals, manufactured rubber goods and synthetic and natural rubber.

183 passengers stuck on OR train for 36 hours
Amtrak train bound for Los Angeles collided with a tree on tracks near Oakridge, Oregon; Dan Springer reports from Seattle. Authorities are racing the clock to free almost 200 passengers who have been stuck on an Amtrak train in OR for two days.

"The U.S. -China relationship should remain contentious", Marie Diron of Moody's Investors Service said in a report.

In his February 5 State of the Union address, Trump said a China trade deal "must include real, structural change to end unfair trade practices, reduce our chronic trade deficit, and protect American jobs".

The announcement was the clearest sign yet that China and the United States are closing in on a deal to end a months-long trade war that has slowed global growth and disrupted markets. "I think you're better off just going into a document", Trump said on Friday to reporters.

One of Trump's demands that is easier to fix for Beijing is to reduce the trade imbalance between the two nations.

But Trump still wasn't pleased, disagreeing with his United States trade representative in front of reporters.

The two sides have reached consensus on how to alleviate the trade imbalances, several Chinese government sources said. Tariffs and commodities were also on Sunday's agenda, he said.

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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