President Donald Trump said Sunday he’ll extend a deadline to raise tariffs on Chinese goods until he can meet Chinese President Xi Jinping, spurring gains in the yuan. With representatives of the two governments still haggling over a deal that would ensure Beijing lives up to its promise not to depreciate the yuan, the tendency of developing-nation currencies to shadow the dollar-yuan exchange rate is back near its highest since July. Trump said the U.S. and China have made “substantial progress” in the latest round of talks in Washington, which will help appease investors worried that an escalation of the trade war will derail global growth.
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