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Markets around the world rose yesterday after the US delayed an increase in tariffs on Chinese goods due on 1 March.
Donald Trump said the decision was a result of “substantial progress” in trade talks.
“I am pleased to report that the US 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,” the US president tweeted .
He added : “As a result of these very productive talks, I will be delaying the US 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 US & China!”
Trump's inner circle: Meet the members of the US president's cabinetShow all 20 1 /20Trump's inner circle: Meet the members of the US president's cabinet Trump's inner circle: Meet the members of the US president's cabinet Donald Trump's Cabinet Donald Trump's Cabinet is one the richest in American history, filled with billionaires, conservatives and several career politicians.
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Trump's inner circle: Meet the members of the US president's cabinet Mike Pence US Vice President Mike Pence has defended Donald Trump throughout his presidency while walking a fine line to avoid any public involvement in major scandals.
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Trump's inner circle: Meet the members of the US president's cabinet Mike Pompeo Secretary of State Mike Pompeo replaced Donald Trump's previous appointment to the post, Rex Tillerson, and has led talks with North Korea in establishing high-profile summits between the president and Kim Jong Un.
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Trump's inner circle: Meet the members of the US president's cabinet Wilbur Ross Secretary of Commerce Wibur Ross raised controversy when he was accused of falsely claiming to have sold stock in a bank and violated a government ethics agreement.
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Trump's inner circle: Meet the members of the US president's cabinet Robert Lighthizer US Trade Representative Robert Lighthizer has been a fixture in Donald Trump's ongoing trade spat with China.
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Trump's inner circle: Meet the members of the US president's cabinet William Barr Attorney General William Barr replaced Jeff Sessions as the nation's top cop in early 2019 and has refused to commit to recusing himself from the Russia probe despite an unsolicited memo he sent to the Justice Department decrying the investigation.
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Trump's inner circle: Meet the members of the US president's cabinet Rick Perry Energy Secretary Rick Perry has held his post throughout Donald Trump's presidency despite previously undermining the need for the agency he now leads in past public statements.
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Trump's inner circle: Meet the members of the US president's cabinet Betsy DeVos Education Secretary Betsy DeVos has also held her post throughout the presidency, despite major backlash to her apparent undermining of the nationwide public school system and advocacy for charter programmes.
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Trump's inner circle: Meet the members of the US president's cabinet Steven Mnuchin Treasury Secretary Steven Mnuchin has faced numerous controversies throughout his tenure as the head of Treasury, including costing taxpayers at least a million dollars in travel expenses.
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Trump's inner circle: Meet the members of the US president's cabinet Robert Wilkie Veterans Affairs secretary Robert Wilkie was appointed after Donald Trump's White House doctor Ronny Jackson withdrew over allegations he provided prescription drugs to patients without prescriptions.
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Trump's inner circle: Meet the members of the US president's cabinet David Bernhardt Secretary of the Interior David Bernhardt took office in January 2019 after the resignation of Ryan Zinke after previously serving as Zinke's deputy. Before taking office Bernhardt worked for many years as a solicitor for the Department of the Interior.
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Trump's inner circle: Meet the members of the US president's cabinet Elaine Chao Transportation Secretary Elaine Chao has held her post throughout the presidency and has mostly avoided controversy, despite a report claiming her office has been in frequent coordination with her husband's, Mitch McConnell.
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Trump's inner circle: Meet the members of the US president's cabinet Kevin McAleenan Acting Secretary of Homeland Security Kevin McAleenan took over from Kirstjen Nielsen after she resigned in April 2019. He previously worked as the executive director of the executive director of the Office of Anti Terrorism in the Customs and Border Protection agency
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Trump's inner circle: Meet the members of the US president's cabinet Ben Carson Secretary of Housing and Urban Development Ben Carson was appointed shortly after Donald Trump took office and raised controversy over an exorbitant furnishing bill for his office.
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Trump's inner circle: Meet the members of the US president's cabinet Gina Haspel CIA Director Gina Haspel was appointed in 2018 and faced backlash surrounding her oversight of Guantanamo Bay.
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Trump's inner circle: Meet the members of the US president's cabinet Dan Coats Director of National Intelligence Dan Coats could be the next person to leave Donald Trump's administration over his refuting the president's claims surrounding ISIS.
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Trump's inner circle: Meet the members of the US president's cabinet Sonny Perdue Agriculture Secretary Sonny Perdue has been dogged by ethics questions throughout his tenure and faced controversy when emails showed the agency appeared willing to eagerly work with lobbyists under his leadership.
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Trump's inner circle: Meet the members of the US president's cabinet Alex Azar Health and Human Services Secretary Alex Azar is a former pharmaceutical lobbyist and former drug company executive.
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Trump's inner circle: Meet the members of the US president's cabinet Mick Mulvaney Acting Chief of Staff and Office of Management and Budget Director Mick Mulvaney has described himself as one of the most conservative officials in the White House.
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Trump's inner circle: Meet the members of the US president's cabinet Robert Wilkie Secretary of State for Veterans Affairs Robert Wilkie has spent his career on Capitol Hill serving in various roles in foreign affairs and defence. He holds the rank of Lieutenant Colonel in the US Air Force Reserve.
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The two nations reached the original truce at the G20 summit in Buenos Aires last year, with the US agreeing to pause plans to raise tariffs on $200bn (£150bn) worth of Chinese goods , including electronics and assorted foods.
Mr Trump had previously warned that he would escalate the tariffs from 10 to 25 per cent if the two sides failed to reach a deal.
Asian stocks surged to a five-month high after the truce was extended, and the Dow Jones rose to a three-month high when the US stocks opened. The FTSE was only slightly up in early trading.
Analysts noted that European markets had a more muted reaction, likely linked to ongoing uncertainty over Brexit.
“The European indices weren’t anywhere near as giddy (as the US and Asia), perhaps held back by the ongoing lack of clarity over what exactly is going to happen with Brexit,” said Connor Campbell, financial analyst at Spreadex.
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