The boosting of tariffs imposed by the United States on certain Chinese goods from 10 percent to 25 percent has been delayed, US President Donald Trump tweeted on Sunday night.
"I am pleased to report that the US 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," Trump said across a pair of tweets.
"As a result of these very productive talks, I will be delaying the US 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 increased tariffs on $200 billion-worth of Chinese imports were set to be imposed on March 1, and were previously scheduled to jump to 25 percent in January.
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The White House kicked off the process of putting tariffs and investment restrictions on Chinese companies in March last year, with Trump stating that an investigation by United States Trade Representative Robert Lighthizer had concluded China was using foreign ownership restrictions to require technology transfers from US companies to Chinese organisations, as well as conducting espionage to acquire intellectual property and confidential business information.
By June, both the United States and China levied tit-fot-tat tariffs on $34 billion worth of goods, and Trump made good on his pledge to escalate the trade war, directing Lighthizer to find another $200 billion worth of products to hit.
Come August, United States customs officials began collecting a 25 percent import duty on 279 Chinese goods valued at $16 billion, composed mostly of industrial products including steam turbines and iron girders.
At the G20 meeting in November, Trump said iPhone buyers could handle a 10 percent cost increase.
"I can make it 10 percent, and people could stand that very easily," he said, before reiterating that company should build factories in the United States.
"They have to open up China to the United States. Otherwise, I don't see a deal being made. And if it's not made, we will be taking in billions and billions of dollars."
Last week, Trump tweeted he wanted US companies to start work on 6G as soon as possible.
"I want 5G, and even 6G, technology in the United States as soon as possible. It is far more powerful, faster, and smarter than the current standard. American companies must step up their efforts, or get left behind," Trump wrote.
"There is no reason that we should be lagging behind on something that is so obviously the future. I want the United States to win through competition, not by blocking out currently more advanced technologies. We must always be the leader in everything we do, especially when it comes to the very exciting world of technology!"
Meanwhile Huawei CEO calls Trump a "great president" as Trump weighs a ban on its 5G tech in mobile networks.
Huawei had an internal reward program for employees who stole trade secrets and a company engineer attempted to probe an Apple supplier for information on its latest smart watch, a report from The Information claims.
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