US🇺🇸 Agrees to Delay Tariff Hike on Some 🇨🇳 Chinese Goods by Fortnight, Trump Says
Donald Trump, US President said on Wednesday the United States has agreed to delay increasing tariffs on $250 billion worth of Chinese imports from Oct. 1 to Oct. 15. He indicated that this is clearly to serve “as a gesture of good will.”
According to a news source, Trump said the postponement came “at the request of the Vice Premier of China, Liu He, and due to the fact that the People’s Republic of China will be celebrating their 70th Anniversary.”
The tariffs were set to increase to 30% from 25% on the goods.
Chinese trade deputies are expected to meet with their US counterparts in mid-September in Washington before minister-level meetings in early October in the U.S. capital, involving Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.
The delay could enable talks to take place before the tariffs kicked in, said the news.
Remember that: The world’s two largest economies imposed fresh tariffs on each other on Sept. 3, ratcheting up a tit-for-tat tariff war.
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Trump is trying to delay the recession and keep the equity market propped up in order to win his re-election in 2020.