Trump Announces Delay of Section 301 Tariff Increase

President Donald Trump announced Sunday (Feb. 24th) on Twitter that he would be postponing an increase in tariffs against China, and that he plans to meet with Chinese President Xi Jinping to reach a conclusion on a final trade agreement. 

The President said that trade negotiations with China have been “very productive,” and subsequently, he would delay the tariffs, which were set to go into effect on March 1st, ahead of a meeting with President Xi at his Mar-A-Lago resort in Florida.

The President also stated on Twitter, “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. As a result of these very productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1st.”

He went on to say, “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!”