U.S. President Donald Trump announced he would postpone a March 1 deadline for another tariff hike on Chinese imports after the two governments reported "substantial progress" in weekend talks.
"Trump has now substantially ratcheted up the pressure on his negotiators to strike a deal with China, even if it does little to assuage US hard-liners' concerns about China's commitments on core structural issues", Cornell University Professor Eswar Prasad told the Wall Street Journal.
Trump, speaking to USA governors at the White House just two hours after saying he would delay a scheduled Friday deadline to raise tariffs on $200 billion worth of Chinese goods, said: "China has been terrific".
National Association of Manufacturers chief executive Jay Timmons urged Trump to press ahead "with a rules-based agreement that ends (China's) intellectual property theft and other significant unfair trade practices".
The report by the American Chamber of Commerce in China sounded a note of caution amid optimistic official statements about possible progress toward settling a U.S.
"As a result of these very productive talks, I will be delaying the US increase in tariffs now scheduled for March 1".
In Oval Office meeting today, the Chinese committed to buy an additional 10 million metric tons of USA soybeans. -Chinese relations will deteriorate and are "hedging their bets" by delaying investment or moving operations, a business group reported Tuesday.
The American Chamber of Commerce in China also said that over the past year substantially more of its members want the USA government to push Beijing harder to create a level playing field for US businesses.
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"We need to have legitimate structural changes &enforcement w China or else they will continue cheating &stealing our IP/trade secrets", said Grassley, who is from Iowa, a state hard hit by China's retaliatory duties on USA soybeans.
The US and China have been locked in an escalating trade spat since early 2018, raising import tariffs on each other's goods.
Nearly 53 percent of respondents favored leaving the tariffs in place or increasing them to 25 percent as a way to keep the pressure on China while the negotiations continue; another 43 percent said they should be removed.
The delegations "came a step closer to realising the important consensus reached" by Trump and Xi when they agreed to the truce in December, it added.
"This raises the chances of a deal but makes it harder for the U.S. to pressure China into making significant concessions related to its industrial and economic strategies".
The release went on to say, "While ASA is pleased that the Administration has announced that negotiations have been positive and will continue past Trump's imposed 90-day window, soy growers continue to urge the Administration to rescind the tariffs and instead make soybeans a part of reducing our trade deficit with China". For businesses caught in between, that just means continued uncertainty.
Trump tweeted that there had been "productive talks" on some of the hard issues dividing the US and China, adding that "I will be delaying the USA increase in tariffs now scheduled for March 1".