Foreign Trade

Trump to Delay Tariffs on China by Two Weeks

from The Wall Street Journal,

With trade talks ahead, Trump postpones tariffs on $250 billion of Chinese goods, calling it a gesture of goodwill.

President Trump says the U.S. will delay by two weeks a planned increase in tariffs on some Chinese imports, a move that could ease chilled relations between the two nations ahead of planned trade talks in Washington next month. Mr. Trump said on Twitter Wednesday that the U.S. will delay a tariff increase that was to go into effect on roughly $250 billion in goods on Oct. 1. He termed the delay a goodwill gesture made at the request of Chinese Vice Premier Liu He, as Oct. 1 marks the 70th anniversary of the founding of the People’s Republic of China. The planned tariff increases were to cover largely nonconsumer items—materials businesses use to produce goods—with the levy going from 25% to 30%. The tariff hikes were widely opposed by U.S. business groups as well as farmers, who have suffered heavy losses as China has cut off purchases of American soybeans, corn and other crops.

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