Donald Trump delays tariff hike on Chinese goods, sending stock markets soaring
US President Donald Trump on Sunday night announced that his administration will be delaying an increase in trade tariffs with China, which was bound to occur after 1 March in the absence of a new trade deal between the two countries. Trump claimed that “substantial progress” has been made in the trade talks regarding “important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues.”
The US President added that he and Chinese President Xi were planning to finalize a deal at a Mar-a-Lago summit. As a result of the announcement, stock markets in Asia reached a five-month high.