Trump delays imposition of increased tariffs on Chinese goods

Trump delays imposition of increased tariffs on Chinese goods

President Trump says he and China's President will plan a Summit in the conclude an agreement if both sides make additional progress.

"There's a very strong feeling in the business community of hope that the negotiations will lead to some really concrete outcomes and put us on the path where the business environment will continue to improve in very meaningful ways", said Tim Stratford, a former assistant USA trade representative who is now the chairman of AmCham in China.

U.S. President Donald Trump tweeted on Sunday that he "will be delaying" tariff hikes on Chinese imports previously scheduled for March 1, citing "very productive" trade talks between the two countries. "There is still a yawning gap between the two sides on major issues due to US lack of trust in China's commitments on structural issues and China's unwillingness to make any fundamental changes to its industrial and economic strategies". As a result, he will be delaying the United States increase in tariffs now scheduled for March 1.

Sabri Ben-Achour: We know what the USA wants. -Chinese relations will deteriorate and are "hedging their bets" by delaying investments or moving operations, a business group reported Tuesday.

The trade war has had an impact on both Chinese and USA economies, and has caused turmoil in global stock markets.

Trump said in a tweet that substantial progress have been made in trade talks with China on important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues.

After exchanging tit-for-tat tariffs on more than $300 billion in total two-way trade, Trump and Xi in December declared a truce and agreed to hold off on further tariffs or retaliation for 90 days. -China trade talks have been one of the major drives of the market rally, experts noted.

Chinese President Xi Jinping, center, meets with U.S. Trade Representative Robert Lighthizer, third from left, U.S. Treasury Secretary Steven Mnuchin, second from left, Chinese Vice Premier Liu He, fourth from right, and delegations from both countries at the Great Hall of the People in Beijing, China February 15, 2019. Yet they also indicate that there are still some differences that need more time to be ironed out. It lost 3.1 percent to settle at $55.48 a barrel in NY after Trump criticized rising oil prices in an early morning tweet.

The world's two biggest economies have raised tariffs on billions of dollars of each other's goods in the fight over USA complaints Beijing steals or pressures companies to hand over technology.

"Certainly our members are hopeful that the uncertainty and the loss and the delays in business that have resulted from the trade negotiations and trade frictions will turn out to have been worthwhile in the end", said Tim Stratford, chairman of the chamber. It said nearly half of companies surveyed believe Chinese policies are enforced differently against them and local rivals.

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