The United States is planning to delay a menu of additional Chinese tariffs that were scheduled to begin on March 1, President Donald Trump announced on Sunday, as the world’s two largest economies hash out a definitive end to a wide ranging trade dispute.
In a series of posts on Twitter, Trump cited “substantial progress” in bilateral talks between the U.S. and China. As a result, the president said he would suspend the new levies that would have taken place as early as Friday, but did not articulate a new deadline.
The U.S.-China trade war has upended markets, and cast a shadow over prospects for global growth. In recent trading sessions, investors have been slowly pricing in the prospect that the fight would be resolved. On Sunday, Dow futures indicated a modestly higher opening on Wall Street Monday.
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, news that Trump confirmed on Sunday.
Ahead of that confab, China has committed to buying up to $1.2 trillion in U.S. goods, though as late as last week, the two sides were said to be far apart on issues concerning the forced transfer of intellectual property.
The summit would be at Trump’s Mar-a-Lago golf club in Palm Beach, Florida.