The additional tariffs to be imposed by the United States on Chinese imports that was scheduled to begin on 1 March will now be delayed according to a statement made by President Donald Trump. Trump said on Sunday that the two largest economies of the world have "made substantial progress" in their trade talks with China and as a result, he has suspended the new levies that would have been applicable from this Friday. The new deadline was, however, not specified.

Through his Twitter handle he said, "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. 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!," in two-part tweets.

This comes as a relief to the international markets that have been concerned over the prospects of a global economic slowdown due to the trade disputes between these two countries. In the last few months, China's economic activity and fuel consumption had slowed down following its trade spat with the US that began around April 2018. The progress in their talks would is expected to improve investor sentiments.