President Donald Trump recently announced a tariff deadline extension for imports coming from China amidst ongoing trade discussions. March 1 had originally been the deadline for further escalation of tariffs on $200 billion worth of Chinese goods from 10 to 25 percent. The announcement was made after U.S. and Chinese negotiators decided to extend their week of negotiations through the weekend.
“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,” President Trump tweeted Saturday. “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!”
The announcement comes on the heels of other positive developments with regards to the trade relationship between the U.S. and China. Earlier in the month, Chinese officials indicated they would be making another sizable purchase of American soybeans. While the tariff deadline extension delays another increase in tariffs, industries are still working to address the damage caused by the ongoing trade tensions that began in July 2018.
“We are encouraged by this latest sign of progress and that the administration seems to have heard the concerns of U.S. businesses and farmers who simply cannot afford more tariffs. However, existing tariffs and shifting deadlines are still making it harder for Americans to plan for the future, invest and grow. As we have said repeatedly, we agree with the need to address China’s unfair trading practices,” Tariffs Hurt the Heartland, a multi-industry group against tariffs, said in a news release. “We need a solution as soon as possible that ends the tariff uncertainty once and for all and improves the U.S.-China trading relationship.”