President Trump announced he will delay implementing a tariff increase on $200 billion worth of Chinese goods, including hardwood flooring materials, that had been scheduled to go into effect March 2 pending a lack of a trade agreement between the two countries.
The increase would have raised the tariffs from 10 percent to 25 percent and was suspended due to “productive talks” held over the weekend, Trump Tweeted.
“I am pleased to report that the U.S. has made substantial progress in our trade talks with China on important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues,” Trump said. Trade negotiations continued through the weekend, according to NPR.
....productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1. Assuming both sides make additional progress, we will be planning a Summit for President Xi and myself, at Mar-a-Lago, to conclude an agreement. A very good weekend for U.S. & China!
— Donald J. Trump (@realDonaldTrump) February 24, 2019
It marks the second time the threatened tariff increase has been delayed by the U.S. The U.S. has yet to announce a new deadline for the potential tariff increase.
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Trump Approves Tariffs on $200 Billion of Chinese Imports, China To Retaliate
