Trump extends China tariff deadline, cites progress in talks

Donald Trump rehashes beef with La Var Ball during White House press conference

Trump tweeted the progress involved "intellectual property protection, technology transfer, agriculture, services, currency, and many other issues", without offering details.

In recent talks, Beijing offered to increase purchases of US farm and energy products and services, ease restrictions on USA firms in financial services and auto manufacturing and improve protection of USA intellectual-property rights, according to the Wall Street Journal. The US' decision to postpone coincided with an announcement that Trump and Chinese President Xi Jinping would meet in Florida to finalise a new trade deal.

"There's a very strong feeling in the business community of hope that the negotiations will lead to some really concrete outcomes and put us on the path where the business environment will continue to improve in very meaningful ways", said Tim Stratford, a former assistant USA trade representative who is now the chairman of AmCham in China. Treasury Secretary Steven Mnuchin said on Friday that a leaders' meeting at Mar-a-Lago is being tentatively planned for late March. On Sunday, the president did not indicate a new date on which he might potentially impose the additional tariffs.

The U.S. Tire Manufacturers Association did not comment on the delay, but said it continued to monitor the situation. China has retaliated with duties on United States dollars 110 billion of USA goods.

Trump, who has embraced an "America First" policy as part of an effort to rebalance global trade, has said the March 1 deadline could be extended if enough progress is made.

One source of pollution by China comes from its shipping, which utilizes heavy bunker oil to send goods to the U.S. While International Maritime Organization regulations now under consideration would address sulfur content in that fuel, the fact remains that if the U.S. continues to push for manufacturing to China to export its emissions via the Green New Deal, it will become more reliant on shipping from overseas, not less.

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"If all works well we're going to have some very big news over the next week or two", he said, though he took care to add that "we still have a little ways to go". The import levies were slated to rise to 25 percent on Saturday from 10 percent, a move that would have significantly increased the trade war's economic costs. But his lead trade negotiator, US Trade Representative Robert Lighthizer, emphasized then that some major hurdles remained.

The two sides have reached consensus on how to alleviate the trade imbalances, several Chinese government sources said.

Washington wants a strong enforcement mechanism to ensure that Chinese reform commitments are followed through to completion, while Beijing has insisted on what it called a "fair and objective" process.

Chairman of the American Chamber of Commerce in China (AmCham China) Tim Stratford speaks during an interview before a news conference on China business climate survey report in Beijing, China, February 26, 2019.

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