Source: Wall Street Journal

“President Trump said Sunday he would delay an increase in tariffs on Chinese goods set to take effect at the end of this week, citing ‘substantial progress’ on issues including intellectual property and technology transfer after a weekend of talks. In a tweet, Mr. Trump wrote that should progress continue, the U.S. would plan a summit with President Xi Jinping of China to ‘conclude an agreement’ that would settle a yearlong trade fight between the two nations….U.S. tariffs on $200 billion of Chinese goods had been scheduled to rise to 25% from 10% at 12:01 a.m. Saturday. In recent talks, Beijing offered to increase purchases of U.S. farm and energy products and services, ease restrictions on U.S. firms in financial services and auto manufacturing and improve protection of U.S. intellectual-property rights, according to people briefed on the discussions….’There is still a yawning gap between the two sides on major issues due to U.S. lack of trust in China’s commitments on structural issues and China’s unwillingness to make any fundamental changes to its industrial and economic strategies,’ said Cornell University China expert Eswar Prasad….Some in the White House worry that Mr. Trump will be so committed to getting a deal that he will settle for a weak agreement.”

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