Trump delays tariff hikes on China

President Donald Trump on Sunday announced a delay to the scheduled tariff increase on Chinese imports after both sides made “substantial progress” in weekend talks. Trump said the talks in Washington, D.C., covered intellectual property protection, agriculture, technology transfer, and other topics. “As a result of these very productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1,” he wrote.

Trump had threatened to raise tariffs on $200 billion worth of Chinese imports from 10 to 25 percent if the countries could not reach a deal. The world’s two largest economies spiraled into a trade war beginning in July 2018 over complaints that China pressured foreign companies to hand over technology in exchange for market access. Trump’s announcement triggered a rise in stocks. Tokyo’s Nikkei index rose by 0.7 percent, the Shanghai Composite Index gained 2.4 percent, and the U.S. Dow Jones Industrial average climbed 164 points, or 0.6 percent, in the first hour of trading on Monday