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President Donald Trump's decision to delay his latest tariff increase comes as both parties prepare to hold high-level talks in early October and early October, for the first time since a meeting in Shanghai in late July. | Alex Wong / Getty Images
President Donald Trump announced on Wednesday that he was delaying until October 15, or two weeks later than planned, the imposition of additional 5% duties on Chinese goods.
"At the request of Chinese Vice Premier Liu He and the fact that the People's Republic of China will celebrate its 70th birthday on October 1st, we have decided, with a gesture of goodwill, to charge tariffs on goods of $ 250 billion (25% to 30%), from October 1 to 15, "Trump said. a pair of tweets.
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The move follows Wednesday's announcement by China to exempt 16 items from retaliatory tariffs it imposed on US products in response to Trump's tariff changes.
New Beijing tariff exemptions covers imports of drugs, insecticides and other products, but not US agricultural products. Chinese tariffs on soybeans, pork, corn and other agricultural products have a major impact on US farmers.
Despite everything, Trump told reporters earlier Wednesday that he was pleased with the action.
"I think they made the right choice. I think it was good for them, "said Trump at the Oval Office. "But they kidnapped them, yes, I think it was a gesture, okay. But it was a big shot. People were shocked. I was not shocked.
Trump's decision to delay its latest tariff increase comes as both parties prepare to hold high-level talks in early October and early October, for the first time since a meeting in Shanghai in late July.
Trump's frustration at the lack of progress in the talks prompted him in August to raise tariffs again and Beijing to react again.
Prior to Wednesday's announcement, China's tariffs on Chinese goods, worth $ 250 billion, were to go from 25% to 30% on October 1st. This has now been postponed for two weeks.
In addition, Trump began imposing 15% tariffs on an additional $ 300 billion worth of Chinese products. The first batch was hit on September 1 and the second on December 15, unless an agreement was reached to end the trade war.
In his remarks to reporters, Trump reiterated that US tariffs that have hit the lion's share of Chinese imports are pushing Beijing to rethink its uncompromising approach to US requirements for intellectual property, market access, and so on.
"Their supply chain is breaking," he said. "China's supply chain, which was this powerful and indestructible tool it possessed, is falling apart like a toy. Because companies are leaving China and China wants to reach an agreement. We'll see what happens. We must make the right agreement for this country. "
Adam Behsudi contributed to this report.
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