Trade: Trump describes talks as ‘very productive’

Early Sunday afternoon in Washington, Trump tweeted that he “will be delaying” the increase of tariffs on Chinese imports scheduled for March 1, due to “very productive” trade talks between the two countries.

Chen Bin, executive vice-president of the China Machinery Industry Federation, said the organization’s member companies are optimistic because the extension of the March 1 tariff deadline should help both Chinese and US companies restore their ability to trade, while pacifying Chinese companies that have already invested heavily in machinery manufacturing in the US.

“It is increasingly evident that tariffs had negative effects — such as rising unemployment and slowing growth rates — not only in China and the US, but also in many parts of the world,” said Xue Rongjiu, deputy director of the Beijing-based China Society for WTO Studies research institute.

The proposed tariff delay indicates economic rationality is prevailing and both countries are predicted to reach an agreement soon, Xue added.

Asa Hutchinson, governor of the US state of Arkansas, applauded both presidents for working hard to narrow the differences and reach more consensuses. “I am optimistic we will be able to reach an agreement because it is important for both countries,” he said.