Anniversary gift: Trump delays new tariffs in response to Chinese gesture

11 Sep, 2019 23:37 / Updated 4 years ago

US President Donald Trump is postponing by two weeks the implementation of the latest round of tariffs on $250 billion worth of Chinese goods, after Beijing exempted over a dozen types of US products from its own duties.

The hike in tariffs from 25 percent to 30 percent due to go into effect on October 1 will be postponed to October 15th instead, Trump announced in a tweet on Wednesday, claiming the delay had come at the request of China’s Vice Premier Liu He, as October 1 will mark the 70th anniversary of the People’s Republic of China.

The gesture buoyed US investor confidence, as futures jumped noticeably following Trump’s tweet. 

Earlier on Wednesday, China announced it would exempt food for livestock, industrial lubricants, cancer drugs, and 13 other types of US goods from additional tariffs starting on September 17 and extending for a full year.

Also on rt.com China exempts 16 American products from additional tariffs

The apparent cooling of the trade war couldn’t come too soon for the US, which has seen markets slump dramatically since the two countries started trading tariff hikes in earnest again last month. Farming and energy sectors have been hit especially hard, and some economic forecasters have predicted that a recession is imminent.

China and the US are preparing to meet in Washington in October for the next round of talks regarding their ongoing trade and tariff dispute.

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