February 25, 2019

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US to delay further tariffs on Chinese goods

Donald Trump and China's Vice Premier Liu He in the Oval Office Image copyright

Image caption

President Trump met China’s Vice Premier Liu He on Friday

President Donald Trump has introduced that the US will delay imposing further commerce tariffs on Chinese goods.

The rise in import duties on Chinese goods from 10% to 25% was meant to come into impact on 1 March.

Mr Trump advised reporters that the US and China had made “substantial progress” in commerce talks over the weekend.

He added that he was planning a summit with Chinese President Xi Jinping in Florida to cement the commerce deal if extra progress was made.

A report from China’s official information company Xinhua additionally famous “substantial progress” on particular points corresponding to expertise switch, mental property safety and agriculture.

Mr Trump’s determination to delay tariff hikes on $200bn (£153bn) price of Chinese goods was seen as an indication that the 2 sides are making progress on settling their damaging commerce struggle.

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

Last week, Mr Trump famous progress within the newest spherical of negotiations in Washington, together with an settlement on foreign money manipulation, although no particulars have been disclosed.

Sources advised CNBC on Friday that China had dedicated to shopping for up to $1.2tn in US goods, however there had been no progress on the mental property points.

The US accuses China of stealing mental property from American corporations, forcing them to switch expertise to China.

The commerce struggle between the 2 nations has disrupted companies and stoked fears in regards to the impression on the worldwide economic system.

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