Trump says at China’s request he delays new tariffs on Chinese goods
US President Donald Trump has postponed imposition of new tariffs on Chinese products “as a gesture of good will” as the two largest economies prepare for talks with no signs of progress toward ending a persisting trade war that threatens global economic growth.
According to Press TV, the White House has so far imposed 25-percent tariffs on $250 billion worth of goods imported from China. The Trump administration was also due to increase those tariffs to 30 percent from October 1, but the American president said on Wednesday that he had ordered to put back the date to two weeks later.
"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, on October 1st, we have agreed, as a gesture of good will, to move the increased Tariffs on 250 Billion Dollars worth of goods (25% to 30%), from October 1st to October 15th," Trump tweeted.
The US president had said in August that he was increasing existing and planned tariffs by 5 percent on about 550 billion dollars' worth of Chinese imports after Beijing announced its own retaliatory tariffs on American commodities.
Trump launched the trade war with China last year, when he first imposed unusually heavy tariffs on imports from the country. Since then, the two sides have exchanged tariffs on more than 360 billion dollars in two-way trade.
Washington and Beijing have held talks to settle the issues but to no avail so far.
The White House says a primary goal of the aggressive tariff strategy is to decrease the trade imbalance with China, which totaled 379 billion dollars in 2018.
Beijing has already filed a complaint against Washington with the World Trade Organization (WTO), saying it would defend its legal trade rights in accordance with international regulations.
Earlier this month, China’s Ministry of Commerce announced that US and Chinese trade negotiators agreed to meet “in early October” for another round of trade talks.