US President Donald Trump said Sunday he would delay a planned tariff increase on Chinese exports after both sides hailed "substantial progress" in trade talks.
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00:00US President Donald Trump has said that he would delay the levy of tariffs on Chinese
00:09imports after two leaders, that is, Donald Trump and President Xi Jinping of China, hailed
00:16substantial progress in trade talks.
00:19Remember that US President Donald Trump had tweeted saying that they expect big announcements
00:25to happen in the next two weeks, and it may happen in Florida when the two leaders meet
00:30there.
00:31The US had been planning to impose tariffs on $200 billion worth of Chinese goods on
00:39March 1, but that has been deferred.
00:41US crude production has hit a record of 12 million barrels per day, up 2 million barrels
00:47in the same time in 2018, exports hit a record of 3.6 million barrels per day.
00:53The surge in US production is countering the cuts from OPEC and OPEC Plus producers,
00:59which is basically planning to tighten the supplies in the market and prop up prices.
01:05The OPEC-led cuts and the supply cuts from Iran and Venezuela led to a surge in oil prices.
01:12Last week, oil prices, remember, were at its highest level in 2019.
01:18That's it from me and thanks for watching.
01:19For more, you can log on to gulfnews.com slash business news.
01:23I'll see you next time.
01:24Bye.