President Donald Trump has announced his administration will be delaying the imposition of new US tariffs on Chinese imports. Moreover, he is planning a summit with Chinese President Xi Jinping to finalise a new trade agreement between the world's two largest economies.

Tariffs on a wide range of Chinese imports into the US were set to rise from 10% to 25% from March 1st.

Trump suggested – via Twitter – that good progress has been made in talks between officials from the two sides.

"As a result of these … very productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1," he tweeted.

The President cited "substantial progress" on trade talks with China, pointing to "important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues."

Last year rising trade tensions between the US and China worried the business communities in both countries as trade was hit by new tariffs. However, the US also said it would negotiate with China to see if progress could be made on a wide variety of issues. It now seems that some progress has been made, although a timetable for lowering last year's additional tariffs has yet to surface.