President Trump announces he will delay a tariff spike targeting Beijing currently scheduled for March 1.
The president made the remarks Sunday on twitter, saying the nations have achieved “substantial progress” on issues concerning intellectual property and agriculture.
President Trump also announced he will host Chinese President Xi Jinping in Mar-a-Lago for a summit to finalize details of the ongoing trade talks.
American and Chinese officials have been meeting in recent months to iron out the details of a trade deal, which works well for both parties.
Previously, President Trump said the U.S. would spike tariffs 15% on $200 billion worth of Chinese products if no agreement was reached by the deadline.
Assuming trade negotiations continue in the right direction, President Trump said there will be a major announcement in the coming weeks.