However, negotiations were quite slow and President Trump is trying to put things to an end fast.
But a larger trade deficit runs directly counter to the narrative Trump has been pushing ever since he started campaigning for the presidency.
It had been set to take effect Mar 1, but now the rate will remain at 10%, according to a statement from the US Trade Representative's office.
Some US demands are "just nitpicking", he said.
Trump's delay of the March 1 deadline now allows more time for negotiations, but also causes American companies and workers to suffer from the implemented tariffs, according to Benjamin Liebman, Ph.D., an economics professor who specializations in worldwide trade and the steel industry.
US officials said previous year the administration was considering sanctions against companies and officials linked to China's crackdown, including Xinjiang Party Secretary Chen Quanguo, a member of the Chinese leadership's powerful politburo.
Tai Hui, Asia-Pacific chief market strategist at JP Morgan Asset Management, said that while there were a number of hurdles to a final agreement such as on intellectual property rights, traders were broadly confident.
New SpaceX astronaut capsule successfully launched on ISS test mission
The mission, called Demonstration-1 or DM-1, is meant to show NASA that Crew Dragon is safe for future human crew members. At Saturday's post-launch news conference, Musk said he'd be happy to fly on the revamped Dragon.
Following the same trend as with China, US export growth to the EU was eclipsed by imports of European goods and services to America, which a year ago rose to $487.9bn.
The trade war was only one factor affecting the US economy, Weinstein said, and with the USA less exposed to trade than other major Western economies such as Germany, it was not having as much of an impact as it might. Trump called the request "very important for our great farmers".
"Billions of dollars, right now, are pouring into our Treasury", he told the Conservative Political Action Conference, adding that Chinese exporters are absorbing nearly the entire burden of the tariffs. The U.S. responded with additional tariffs of its own, and China responded in kind. Economists from the University of California, Los Angeles; Yale University; and the University of California, Berkeley released the latest draft of an economic study this week that showed that Americans footed the entire tariff bill in 2018.
There are clear indicators that the Chinese economy is taking a hit from American tariffs.
Still, the biggest takeaway from the new trade data is not that the tariffs predictably failed to do what Trump thought they would; it's that the US economy is powered by the individual decisions of millions of people and businesses, and that entity is far too complex and powerful to be controlled by the White House. They also were causing the diversion of $165 billion a year in trade leading to significant costs for companies having to reorganize supply chains. We had to dust them off.