Stocks in Asia set to gain as Trump announces delay in tariff increase
U.S. President Donald Trump announced in a series of posts on Twitter Sunday evening that America is planning to delay a set of additional tariffs on Chinese goods that were to be kick in on March 1.
In his posts, Trump cited “substantial progress” in bilateral talks between the world’s two largest economies. As a result, the president said he would suspend the new levies, however he did not state a new deadline.
The U.S. president’s comments came following extended trade negotiations between officials from Washington and Beijing. Talks had earlier spilled over into the weekend after both sides reported progress in narrowing their differences.
Last week, sources familiar with the situation told CNBC that the United States and China are discussing a late March meeting between Trump and Chinese President Xi Jinping in Florida.