United States to delay further tariffs on Chinese goods

US President Donald Trump with Chinese Vice Premier Liu He at the White House on Feb 22 2019

US to delay further tariffs on Chinese goods

USA business communities warmly welcomed the progress made in the latest round of trade negotiations between China and the United States, saying hopes are building up for a potential constructive deal by the two sides to relieve the burden of damaging tariffs.

The trade war between the two countries has disrupted businesses and stoked fears about the impact on the global economy.

She added that China will benefit from moving back to greater reliance on the USA market, as "that will help build trust, which has been badly eroded recently", she said.

Trump said Sunday that negotiators had made "substantial progress" on core structural issues, including intellectual-property protection and compulsory technology licensing requirements for USA businesses in China. "Yet they also indicate that there are still some differences that need more time to be ironed out".

As President Donald Trump looks to finalize a trade agreement with China - he tweeted on February 25 that a deal was in its "advanced stages" - one thing he should be sure to gain concessions on is the cost advantage Beijing possesses because of the excessive regulatory environment in Washington, D.C.

Neither government gave more details but both expressed optimism.

Trump is planning to meet with Chinese PM Xi Jinping at his Mar-a-Lago resort in Florida.

"If all works well, we'll have very big news over the next week or two", Trump told state leaders at the Governors' Ball in the White House Sunday evening. He added, "We still have a little ways to go".

"China solemnly shows it is willing to adopt a cooperative approach to resolve economic and trade frictions", the newspaper said. The Shanghai Composite surged 5.6 percent on Monday.

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"At this point, the USA has likely gotten all it's going to get out of China".

China's negotiators stayed for the weekend and the two sides discussed the thorny issue of how to enforce a potential trade deal on Sunday, according to a person familiar with the talks.

The two sides also haven't agreed how to enforce any deal.

Sources told CNBC on Friday that China had committed to buying up to $1.2tn in U.S. goods, but there had been no progress on the intellectual property issues. She expects relations to "swing between compromise and conflict". American officials accuse China of failing to fulfill past promises to change economic regulations. Trump at that point had already imposed import taxes on $250 billion in Chinese products ― a 25 percent tariff on $50 billion in goods and a 10 percent levy on the remaining $200 billion.

Lu noted that Xi has told Trump that he is willing to keep holding meetings between them.

Still, there remains general support for President Trump's tough approach to dealing with Beijing, with a narrow majority saying that the tariffs should remain in place or be increased while negotiations to forge a trade deal continue.

Other financial markets rose Monday, with London's FTSE 100 index up 0.4 percent, but gains were smaller.

"Playing up the tariffs issue only won't really hurt us", said Geng.

"We won't really fight, right?" Associated Press researchers Fu Ting and Liu Zheng in Beijing contributed.

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