President Trump announced that he is delaying the March 1st deadline for tariffs on Chinese goods saying trade talks have made substantial progress.
During Monday’s meeting with U.S. governors, the president remained optimistic about reaching a trade deal soon. Trump said it looks like the Chinese delegation is coming back quickly again.
“President Trump has been brilliant so far in negotiations. He told me long ago that it was going to work and this is exactly the way it works,” former Reagan economic adviser Art Laffer said during an interview on FOX Business’ “After The Bell” Monday.
Laffer also predicted that Trump’s trade negotiations will help boost free trade this year.
“He loves doing this. Trump is good at this and he’s done a great job so far. You gotta give it to him, this is going to be the year of free trade, brought on by Donald Trump,” he said.
The former economic advisor’s comments came as U.S. and China report substantial progress in the areas of technology transfer, protection of intellectual property, non-tariff barriers, financial service industry and agriculture and exchange rates, according to the Chinese Embassy in Washington, D.C.
However, the main sticking points continue to be the mechanism of enforcement, as well as the pace of the structural changes. U.S. Trade Representative Robert Lighthizer is expected to testify in front of House Ways and Means Committee this week, sharing insights on the on-going U.S.-China trade negotiations.
The president did not provide a date on when the tariffs would increase if the world's two biggest economies fail to reach a deal. The Chinese have floated the idea of a May 1st deadline, with a meeting of the two presidents March 26 through 29th.