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TRADE WAR: Tariff increase on Chinese goods delayed by Trump

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TRADE WAR: Tariff increase on Chinese goods delayed by Trump

In a move showing the clearest sign of a needed breakthrough in talks between both countries, the United States of America has said it would delay a planned tariff increase on $200bn worth of Chinese imported goods.

According to US President Donald Trump, the move to halt the imposition of the planned tariff was reached after “substantial progress” was made in trade talks between Washington and Beijing over the weekend.

Trump said the delay in increasing the tariffs – to 25 percent from 10 percent is what the two sides have sought since calling a 90-day truce in a months-long trade war last year.

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As a result of the talks, he said: “I will be delaying the US 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 US & China!”

Trump also said progress between both countries had been made on a series of divisive areas, including intellectual property protection, technology transfers, agriculture, services and currency.

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