President Trump to Extend China Tariff Deadline

• President Trump to Extend China Tariff Deadline

Following substantial progress recorded in the ongoing trade talks, president Trump said he’ll extend the deadline previously set to raise tariffs on Chinese goods beyond this week.

“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 said in a Twitter posting. “As a result of these very productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1.”

Chinese official news, Xinhua News Agency laud Trump’s tweet, citing “substantial” progress. But a commentary published later cautioned that the talks may face “new uncertainties,” noting that bilateral trade frictions are “long-term, complicated and arduous.”

Trump later said if the sides make further progress in negotiations, he will meet Chinese president, Xi Jimping, at his Mar-a-Lago resort in Florida to conclude the agreement.

U.S. stock futures rose on Monday during Asian trading session, while Chinese shares climbed 5.6 per cent and the offshore yuan gained following the tweet.

Meanwhile, crude oil traders expect the success of the negotiation to boost crude oil outlook in 2019 and help curtail Chinese economic uncertainties.
China is the world’s largest crude oil importer.

Nigerian crude exports, however, is expected to be weighed upon by the U.S. rising crude oil exports to South East Asian nations in 2019.