President Trump said Sunday he will extend a deadline to escalate tariffs on Chinese imports, citing "substantial progress" in weekend talks between the two countries, the AP reports. Trump tweeted that there had been "productive talks" on some of the difficult issues dividing the US and China, adding that "I will be delaying the US increase in tariffs now scheduled for March 1." Trump said that if negotiations progress, he will meet with Chinese President Xi Jinping at Mar-a-Lago to finalize an agreement. US and Chinese negotiators met through the weekend as they seek to resolve a trade war that's rattled financial markets.
Trump had warned he would escalate the tariffs he has imposed on $200 billion in Chinese imports, from 10% to 25%, if the two sides failed to reach a deal. The increase was scheduled to take effect at 12:01am EST on March 2. Speaking to governors gathered at the White House for an annual black-tie ball Sunday, Trump said he was doing "very well" with China. "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 reprieve is likely to be greeted with relief by financial markets. On Twitter, Trump said the two sides had made headway on issues including protection of trade secrets, forced technology transfer, and US agricultural sales to China. But the administration did not immediately provide details. (More of the latest here.)