President Donald Trump announced on Sunday he will be delaying US tariffs on China and will be planning a summit with Chinese President Xi Jinping at Mar-a-Lago to finalize the trade agreement.

"As a result of these very productive talks, I will be delaying the U.S. 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 U.S. & China!" Trump posted in two tweets.

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."