The US has delayed implementing fresh new tariffs on Chinese goods, President Donald Trump has announced.

It comes after what Trump described as "substantial progress" in the trade talks between the two nations.

Tariffs on Chinese imports were due to increase from 10% to 25% from 1 March, worth a total of $200 billion.

President Trump met with China's Vice Premier Liu He at the White House on Friday to discuss the trade deal, and will meet President Xi Jingping at a summit in Florida to finalise the deal if further progress is made.

China's official news agency Xinhua reiterated President Trump's message of "substantial progress" on issues such as technology, agriculture, intellectual property protection and currency manipulation.

However, US news network CNBC reported that no progress had been made over intellectual property issues. Though it did report that China had committed to purchasing $1.2 trillion worth of US goods.

The news of progress was received well in China, with its main stock exchange up 5%.