Trump Extends China Tariff Deadline, Cites Progress in Talks - NBC4 Washington

Trump Extends China Tariff Deadline, Cites Progress in Talks

U.S. and Chinese negotiators met through the weekend as they seek to resolve a trade war that's rattled financial markets

    processing...

    NEWSLETTERS

    How Weight Loss Surgery Helped a Patient Rediscover His Voice
    Susan Walsh/AP
    President Donald Trump speaks during his meeting with Chinese Vice Premier Liu He in the Oval Office of the White House in Washington, Friday, Feb. 22, 2019.

    President Donald Trump said Sunday he will extend a deadline to escalate tariffs on Chinese imports, citing "substantial progress" in weekend talks between the two countries.

    Trump tweeted that there had been "productive talks" on some of the difficult issues dividing the U.S. and China, adding that "I will be delaying the U.S. increase in tariffs now scheduled for March 1."

    Trump said that if negotiations progress, he will meet with Chinese President Xi Jinping at his Florida resort to finalize an agreement.

    U.S. and Chinese negotiators met through the weekend as they seek to resolve a trade war that's rattled financial markets.

    Footage From 1992 Shows Trump, Epstein at Party

    [NATL] Footage From 1992 Shows Trump, Epstein at Party

    NBC released footage in its archives from 1992 of Donald Trump and Jeffrey Epstein at a party at Trump’s Mar-a-Lago estate. The video shows them laughing and pointing as they appear to talk about women at the event, NBC News reported. Trump has said he knew Epstein, but “was not a fan” and they have not spoken in 15 years.

    (Published Wednesday, July 17, 2019)

    Trump had warned he would escalate the tariffs he has imposed on $200 billion in Chinese imports, from 10 to 25 percent, if the two sides failed to reach a deal. The increase was scheduled to take effect at 12:01 a.m. EST on March 2.

    Speaking to governors gathered at the White House for an annual black-tie ball Sunday, Trump said he was doing "very well" with China.

    "If all works well we're going to have some very big news over the next week or two," he said, though he took care to add that "we still have a little ways to go."

    Asian stock markets rose following Trump's announcement, but gains were modest. Share prices already had risen in recent weeks in expectation Trump would postpone the tariff hike.

    The Shanghai Composite Index rose 2.4 percent while Tokyo's benchmark Nikkei 225 index gained 0.7 percent.

    The world's two biggest economies have been locked in a conflict over U.S. allegations that China steals technology and forces foreign companies to hand over trade secrets in an aggressive push to challenge American technological dominance.

    Congress Condemns Trump's 'Go Back' Comments

    [NATL] Congress Condemns Trump's 'Go Back' Comments
    The House of Representatives has passed a resolution that formally condemns President Donald Trump’s so-called racist comments about four Democratic congresswomen of color.
     
    (Published Wednesday, July 17, 2019)

    The two countries have slapped import taxes on hundreds of billions of dollars of each other's goods. The conflict has unnerved investors and clouded the outlook for the global economy, putting pressure on Trump and Xi to reach a deal.

    Chinese negotiators said the talks made progress on technology transfer, protection of intellectual property rights and non-tariff barriers, according to the official Xinhua News Agency. It cautioned there are "still some differences that need more time to be ironed out."

    "Trump clearly wants a deal and so do the Chinese, which certainly raises the probability that the two sides will come to some sort of negotiated agreement, even if it is a partial one, in the coming weeks," said Cornell University economist Eswar Prasad, former head of the International Monetary Fund's China division.

    On Twitter, Trump said the two sides had made headway on issues including protection of trade secrets, forced technology transfer and U.S. agricultural sales to China. But the administration did not immediately provide details.

    Business groups and lawmakers in Congress want to see a comprehensive deal that forces the Chinese to change their behavior and that can be enforced. The U.S. has accused China of failing to meet past commitments to reform its economic policies.

    "Encouraging news from @POTUS that progress is being made in a trade deal with China. Hopefully this leads to an agreement that stops China's theft of US intellectual property and avoids a full blown trade war," tweeted Republican Sen. Pat Toomey of Pennsylvania

    Sparks Fly Between Sen. Warren, Mark Esper Over Ties to Defense Contractor at Confirmation Hearing

    [NATL] Sparks Fly Between Sen. Warren, Mark Esper Over Ties to Defense Contractor at Confirmation Hearing

    During a confirmation hearing for Acting Defense Secretary Mark Esper, Senator Elizabeth Warren said because of his ties to lobbying for defense contractor Raytheon and refusal to recuse himself, he is not fit to be Secretary of Defense.

    (Published Tuesday, July 16, 2019)

    But critics worry the president has given up leverage.

    "They now have lost the advantage of a deadline," said Philip Levy, a senior fellow at the Chicago Council on Global Affairs and a White House economist under President George W. Bush. "I see the odds tilting" in China's favor, Levy said.