US industry associations buoyed by negotiations

What both China and the United States called "substantial progress" in the latest round of trade talks and the ensuing delay in tariff increases have fueled hope that certainty will return in business, and the world's top two economies will resolve their trade disputes sooner.

"The decision to avoid a tariff hike is a positive development, and we encourage the administration to build on this momentum and reach a resolution that will eliminate uncertainty for American businesses and consumers," Matthew Shay, president and CEO of the National Retail Federation, said in a statement.

The federation, touted as the world's largest retail trade association, made the statement immediately after the US administration delayed tariff increases on a large number of Chinese goods, which had been set to take effect on Friday.