WASHINGTON (CN) – Stocks on Wall Street rose broadly Monday, signaling a boost in confidence after President Trump announced he would wait to impose new tariffs on Chinese goods.
In a pair of tweets Sunday, the president said the U.S. was making “substantial progress” in “very productive” bilateral talks with China over unfair trade practices and U.S. complaints that China steals American intellectual property.
Trump had imposed tariffs on $50 billion in Chinese goods last summer and had threatened to escalate tariffs to 25 percent on $200 billion in Chinese imports by March 1.
Trump said Sunday that Chinese President Xi Jinping could expect an invitation, if progress continued, to an upcoming summit at Mar-a-Lago.
Though he did not give a definitive date, Trump alluded to “very big news over the next week or two” in comment from the White House Sunday if the talks between the world’s two largest economies go well.
The announcement on the delay came just ahead of the markets opening in Asia, and one day before Trump’s arrival in Vietnam for a summit with North Korean dictator Kim Jong Un.
Markets in Asia also saw gains Monday in the wake of Trump’s announcement.
At a governor’s breakfast Monday morning, Trump said he loved the tariffs.
“Now China is paying us right now billions and billions of dollars of tariffs, a month. Every month, billions of dollars. I love it, personally, I love it,” Trump said, later adding, “it’s hurting them, it’s not good for them.”
U.S. markets have been volatile as trade tensions with China have simmered for the last year.
On Friday, Agriculture Secretary Sonny Perdue said on Twitter that China had committed to purchasing 10 million additional tons of U.S. soybeans during an oval office meeting.
“Hats off to @POTUS for bringing China to the table,” Perdue tweeted. “Strategy is working. Show of good faith by the Chinese. Also indications of more good news to come.”