'Positive trade talks'
Markets rise as Trump delays tariffs on Chinese goods
Import duties on Chinese goods were due to rise rom 10% to 25% from 1 March but the the world’s two biggest economies have made “substantial progress” in trade talks over the weekend, said Mr Trump. He is expected to meet Chinese President Xi Jinping in Florida for more discussions.
“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,” Mr Trump said in a tweet, adding that it had been a “great weekend” for the US and China.
“As a result of these very 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!”
China’s official news agency Xinhua as also reported similar progress, specifically on technology transfer, intellectual property protection and agriculture.
US equity index futures opened higher last night while Asian shares touched a five-month high. The Shanghai Composite index was up 2.1%, its highest since 1 August and the yuan hit its strongest level against the dollar since July. The Nikkei in Tokyo was 0.5% higher while the Kospi in Seoul rose 0.45%.