President Donald Trump took to Twitter Sunday to confirm reports that he and Chinese President Xi Jinping will hold a summit at Mar-a-Lago following successful trade talks between U.S. and Chinese officials.
“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,” Trump wrote on Twitter. “As a result of these very 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. [and] China!”
U.S. tariffs on $200 billion in Chinese imports were set to rise from 10 percent to 25 percent if the two sides could not come to an agreement by March 2, reported CNBC.
CNBC had reported Friday that sources said Trump and Xi would hold a summit at Trump’s Mar-a-Lago golf club in Palm Beach, Florida, in late March. It will be the two leaders’ first meeting since a dinner at the G-20 Summit in Buenos Aires, Argentina, Dec. 1.
CNBC also reported that China committed to buying up to $1.2 trillion in U.S. goods.
Trump’s announcement comes after talks between Chinese and U.S. representatives on Tuesday and Thursday plus a Friday meeting between Trump and China’s top trade negotiator Liu He, reported Voice of America News.
The Trump administration’s negotiations are led by U.S. Trade Representative Robert Lighthizer, who is “a vocal advocate of pressing China to end practices that the U.S. says include intellectual property violations,” reported CNBC.
Trump’s trade war had caused China’s manufacturing industry to contract in December.
Trump’s summit with Xi will come after another important meeting on Trump’s schedule. Trump is set to meet with North Korean dictator Kim Jong Un for a two-day summit in Vietnam to discuss denuclearization on Feb. 27 and 28, reported Politico.
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