BackChina shares soar over 5% after US tariff hike delay
Other markets in the region also rose, but by smaller marginsDonald Trump announced he was extending a deadline for escalating tariffs on Chinese imports
PremiumBeijing: The Shanghai Composite index jumped 5.5% after President Donald Trump announced he was extending a deadline for escalating tariffs on Chinese imports. The benchmark was trading at its highest level in about eight months on the news that the truce in a trade war between the world's two biggest economies would persist as the two sides talk out their differences.
Other markets in the region also rose, but by smaller margins. Hong Kong's Hang Seng index added 0.5% while Tokyo's Nikkei 225 also climbed 0.5%.
President Donald Trump's decision to extend a deadline to escalate tariffs on Chinese imports has raised cautious optimism in China and boosted share prices across Asia.
The Shanghai Composite index jumped to its highest level since June 2018 after Trump said "substantial progress" was made in weekend talks between the two countries regarding their dispute over China's technology policies.
Trump said, "I will be delaying the U.S. increase in tariffs now scheduled for March 1." He also said that if negotiations progress, he will meet with Chinese President Xi Jinping at his Florida resort to finalize an agreement.
The vice president of the U.S.-China Business Council, Jake Parker, said Trump's announcement was a "positive signal."
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