President Donald Trump has announced that the US will delay imposing further trade tariffs on Chinese goods.<\/p>\n\n\n\n
The rise in import duties on Chinese goods from 10% to 25% was due to come into effect on 1 March.<\/p>\n\n\n\n
Mr Trump said both sides had made “substantial progress” in trade talks, which sent Chinese stocks up nearly 5%.<\/p>\n\n\n\n
He added that he was planning a summit with Chinese President Xi Jinping in Florida to cement the trade deal if more progress was made.<\/p>\n\n\n\n
A report from China’s official news agency Xinhua also noted “substantial progress” on specific issues such as technology transfer, intellectual property protection and agriculture.<\/p>\n\n\n\n
Mr Trump’s decision to delay tariff increases on $200bn (\u00a3153bn) worth of Chinese goods was seen as a sign that the two sides are making progress on settling their damaging trade war.<\/p>\n\n\n\n
Last week, Mr Trump noted progress in the latest round of negotiations in Washington, including an agreement on currency manipulation, though no details were disclosed.<\/p>\n\n\n\n
Sources told CNBC on Friday that China had committed to buying up to $1.2 trillion in US goods, but there had been no progress on the intellectual property issues.<\/p>\n\n\n\n
Mr Trump initiated the trade war over complaints of unfair Chinese trading practices.<\/p>\n\n\n\n
That included accusing China of stealing intellectual property from American firms, forcing them to transfer technology to China.<\/p>\n\n\n\n
The US has imposed tariffs on $250bn worth of Chinese goods, and China has retaliated by imposing duties on $110bn of US products.<\/p>\n\n\n\n
Mr Trump has also threatened further tariffs on an additional $267bn worth of Chinese products – which would see virtually all of Chinese imports into the US become subject to duties.<\/p>\n\n\n\n
The trade dispute has unnerved financial markets, risks raising costs for American companies and is adding pressure to a\u00a0Chinese economy that is already showing signs of strain.<\/p>\n\n\n\n
It has also stoked fears about the impact on the global economy.<\/p>\n\n\n\n
Last year, the International Monetary Fund warned the trade war between the US and China risked\u00a0making the world a “poorer and more dangerous place”.<\/p>\n","protected":false},"excerpt":{"rendered":"
President Donald Trump has announced that the US will delay imposing further trade tariffs on Chinese goods. The rise in import duties on Chinese goods from 10% to 25% was due to come into effect on 1 March. Mr Trump said both sides had made “substantial progress” in trade talks, which sent Chinese stocks up nearly 5%. He added that… Read more »<\/a><\/p>\n","protected":false},"author":135,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[7,56,59,140,58,141,138,139,137,136],"class_list":["post-3145","post","type-post","status-publish","format-standard","hentry","category-article","tag-china","tag-donald-trump","tag-exports","tag-imf","tag-imports","tag-intellectual-property","tag-stocks","tag-tariffs","tag-trade-war","tag-trump"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/3145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/users\/135"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/comments?post=3145"}],"version-history":[{"count":1,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/3145\/revisions"}],"predecessor-version":[{"id":3146,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/3145\/revisions\/3146"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/media?parent=3145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/categories?post=3145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/tags?post=3145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}