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President Trump said Wednesday that the United States would delay Beijing's demand for increased tariffs on goods from China worth $ 250 billion, calling it a "gesture" of good will".
Trump tweeted that he would postpone tariffs that were to come into effect from October 1 to October 15 at the request of Chinese Vice Premier Liu He, as the People's Republic of China will celebrate its 70th anniversary on October 1.
"At the request of Chinese Vice Premier Liu He, and considering the fact that the People's Republic of China will celebrate its 70th anniversary … On October 1st, we accepted, by a gesture of good will, to move the tariffs increased on goods worth $ 250 billion (25% to 30%), from October 1 to 15, "wrote Trump.
At the request of Chinese Vice Premier Liu He, and considering that the People's Republic of China will celebrate its 70th anniversary ….
– Donald J. Trump (@realDonaldTrump) September 11, 2019
Meanwhile, the US and Chinese authorities have agreed to meet to continue trade negotiations next month. Beijing had announced Wednesday that it would increase tariffs on certain products manufactured in the United States, although these products do not include agricultural products, such as soy, whose sales have been seriously affected by the commercial war.
"I think they made the right choice, I think it was good for them," Trump told reporters earlier Wednesday about China's decision. "I think it was a gesture, okay?" But it was a big move, people were shocked, I was not, but I treat them and I know them and I love them, and I hope we can do something. "
Events indicate thaw between US and China as officials plan to meet to continue trade talks that have so far failed to reach agreement between the two largest economies in the world .
In August, Trump expanded the trade war with China by announcing that it would increase tariffs by 10% on the $ 300 billion of Chinese goods that came into effect from September 1 to September 15, and that it would be more expensive. it would raise $ 250 billion in goods 25 to 30% from 1 October.
The rate increase came in response to a new series of reciprocal tariffs on China.
Stock markets fell sharply on Friday, when he announced his intention to increase tariffs on goods from China.
But a few days later, Trump announced a softer approach to China at the Group of Seven (G-7) summit in Biarritz, France. Trump spoke optimistically of the prospect of a trade deal with Beijing and said they wanted to come to the negotiating table, which some outsiders have interpreted as an effort by the present to settle the market reactions to the ongoing dispute.
Trump also took a complementary tone in describing Chinese President Xi Jinping, after suggesting that he was an "enemy" of the United States a few days earlier.
Trump has repressed China's unfair trade practices as a focus of his administration's work during his first term. But the president has run into obstacles to reaching an agreement with China, and each party has imposed tariffs on each other over a period of more than a year.
Meanwhile, the trade war has shown signs of harm to the US and global economy, and economists have increasingly warned of the risk of recession before the end of 2020.
Trump administration officials have sought to project their confidence in the US economy, accusing the media and the Democrats of increasing speculation about a possible recession that could affect the president's chances of re-election. Trump employees also pointed to the low unemployment rate and other numbers, which shows that the economy is strong.
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