President TrumpDonald TrumpFormer Sen. Heller to run for Nevada governor Overnight Defense & National Security — Milley becomes lightning rod Joint Chiefs Chairman Milley becomes lightning rod on right MORE announced Sunday that he is delaying an increase in tariffs on Chinese imports that were scheduled to go into effect March 1, citing "substantial progress" in ongoing negotiations with Beijing.
Trump, who made the announcement on Twitter, added that he and Chinese President Xi Jinping will plan a summit to finalize an agreement, "assuming both sides make additional progress." He said the summit will be held at his Mar-a-Lago resort in Florida.
"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. & China!" he added.
The White House and the Chinese Embassy in Washington, D.C., did not immediately return requests for comment
March 1 was previously the self-imposed deadline for the U.S. and China to reach a trade agreement before the U.S. increased tariffs on billions of dollars in Chinese imports from 10 percent to 25 percent. The increase would come after the two countries exchanged tit-for-tat tariffs throughout 2018.
Trump's announcement comes after several days of trade talks with Chinese negotiators, who were scheduled to leave Washington on Friday but extended their stay by two days.
Earlier Sunday, Trump said the two sides had "very productive talks" the previous day. He also indicated on Friday that he was willing to extend the March 1 deadline.
"Well, I set the deadline of March 1 and, right now, it's at 10 percent. And I think that if — and you could tell this to President Xi — that if I see progress being made, substantial progress being made, it would not be inappropriate to extend that deadline," he told reporters.