President Donald Trump said on Sunday Feb. 24th that he would delay the deadline to increase tariffs on $200 billion in Chinese imports that were originally scheduled for Friday March 2nd.
According to the president’s declarations, both sides have progressed in the negotiations of key issues including Intellectual property rights, technology, agriculture and energy products like natural gas.
….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!
— Donald J. Trump (@realDonaldTrump) February 24, 2019
Despite the progress announced by Trump, China has still yet to make official commitments to any of the core issues mentioned before.
Once this change is formalized, the products included in the section 301, or List 3 as it is widely known, will remain at 10 percent, as there’s no other deadline scheduled for increasing the tariff to 25 percent, at least in the near future.
