Business / US President Donald Trump announces extension in import tariff deadline on Chinese goods

US President Donald Trump announced extension of the March 1 deadline for increasing tariff on import of Chinese products, saying there had been significant progress made in negotiations with visiting trade delegation from the far-east nation. He announced the Chinese counterpart, Xi Jinping, at his Mar-a-Lago resort in Florida soon, to ink an agreement. The exact date has not been decided yet.

"I am pleased to report that the US 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 in a tweet.

"As a result of these very productive talks, I will be delaying the US increase in tariffs now scheduled for March 1," said the US President.

"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 the US and China! he said.

A high-level Chinese trade delegation led by its Vice Premier Liu He concluded its latest round of talks with a US team led by US Trade Representative Robert Lighthizer.

Following the meeting with Trump at the Oval Office, the Chinese delegation extended its stay in Washington DC by another two days. Trump and Xi during their December 1 dinner meeting in Buenos Aires decided to pause their trade war and negotiate an agreement by March 1.