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President Trump announced Wednesday night that the US would delay by two weeks the increase in tariffs on Chinese goods worth $ 250 billion.
"At the request of Chinese Vice Premier Liu He, and in view of the fact that the People's Republic of China will celebrate its 70th birthday on October 1, we have accepted, as a sign of goodwill [sic], to move the premium rates on goods worth $ 250 billion (25% to 30%), from October 1 to 15, "wrote Trump on Twitter.
Wednesday's announcement came 10 days after the United States imposed a 15% tariff on Chinese imports of about $ 112 billion, the latest in a current trade war between Washington and Beijing. In total, Trump has imposed or announced penalties for about $ 550 billion worth of Chinese products, or almost everything the United States purchases from there.
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After Trump proposed tariff increases on billions of Chinese products in August, Beijing responded by increasing tariffs on $ 75 billion worth of US products. Trump called the movement "political motivation".
"For many years, China (and many other countries) has benefited from trade between the United States, intellectual property theft, and so much more.Our country loses hundreds of billions of dollars a year in China. "Trump tweeted on Aug. 23." Unfortunately, previous administrations have allowed China to take a step ahead of fair trade and balanced to the point of becoming a heavy burden to the US taxpayer. President, I can not allow this to happen anymore! "
Earlier in the day, the president had "ordered" American companies to relocate to the United States instead of doing business in China.
"We are ordering our major US companies to immediately start looking for an alternative to China, including bringing your business home and making your products in the US," said Trump.
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"Because of tariffs, we are in an incredible bargaining position," Trump said on August 30, "and we are winning billions, billions, and billions of dollars."
Peter Morici, a professor of commerce at the University of Maryland, recently told Fox News that the rates would not affect the average American "as much as critics say".
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Even more tariffs are looming on the horizon. On December 15, the Trump government is expected to impose a second round of tariffs of 15% – this time on imports of about $ 160 billion. If these rights come into effect, virtually all products imported from China will be covered, including all major Apple products.
The Chinese government released a list of US imports subject to penalties on December 15 if US tariff increases took effect. In total, Beijing said Sunday's penalties and December's planned increases would apply to $ 75 billion worth of US products.
Gregg Re of Fox News and the Associated Press contributed to this report.
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