President Trump has delayed additional tariffs on China with more talks expected.
Trump extended the March 1 deadline to allow for talks to continue as China also announced an additional 10 million metric ton purchase intention of U.S. soybeans.
China proposed last week in talks to increase purchases of U.S. commodities by $30 billion a year more than pre-trade war levels.
President Trump reported over the weekend that the U.S. “has made substantial progress” in talks with China, in announcing he would postpone the planned tariff rate hike, which also served as the negotiating deadline.
Tariffs Hurt the Heartland, a nationwide campaign formed when the trade war began, called the announced encouraging, calling for a solution “as soon as possible that ends the tariff uncertainty” and “improves the U.S.-China trading relationship.”
The group contends that tariffs are “ultimately taxes paid by American businesses.” President Trump says he and China’s President will plan a Summit in the U.S. to conclude an agreement if both sides make additional progress.