President Donald Trump said on Sunday he would delay an increase in US tariffs on Chinese goods scheduled for later this week thanks to progress in trade talks and said if progress continued, he and Chinese President Xi Jinping would seal a deal.

Trump had planned to increase tariffs to 25 percent from 10 percent on $200 billion worth of Chinese imports into the United States if a deal were not reached by Friday between the world's two largest economies.

The president said in a tweet that progress had been made on a host of divisive areas including intellectual property protection, technology transfers, agriculture, services and currency.

As a result of the talks, he said: "I will be delaying the U.S. increase in tariffs now scheduled for March 1. Assuming both sides make additional progress, we will be planning a Summit for President Xi and myself, at Mar-a-Lago, to conclude an agreement. A very good weekend for US & China!"

Mar-a-Lago is the president's property in Florida, where the two men have met before.