As a gesture of exchange of good will, US President Donald Trump announced yesterday to delay the next batch of tariffs on China by half a month. The imposition of additional 5 tariffs on USD 250B in Chinese imports will be postponed from October 1 to October 15.
Trump tweeted: “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.”
Earlier, China announced to exempt 16 categories of US imports from new tariffs, including some anti-cancer drugs and lubricants, as well as animal feed ingredients whey and fish meal. Trump referred to that separately and said “They made a couple of moves … that were pretty good… I think it was a gesture, okay? But it was a big move.”
The moves by both sides are more symbolic than substantial in nature. Yet, it’s a sign that both are working towards to create an easier atmosphere for the expected face-to-face high level trade meeting in Washington next month.
