Trump suspends new tariff increase on Chinese goods by two weeks ‘as a gesture of goodwill’ vanguardngr.com vanguardnews
United States President, Donald Trump said on Twitter on Wednesday night that he would delay by two weeks the next increase in tariffs on Chinese goods as a “gesture of good will” to advance trade talks that have made little progress for months.The president acted several hours after a conciliatory Chinese move to grant 16 U.S. products a one-year exemption from Beijing’s retaliatory tariffs. In a pair of tweets, Trump said he delayed his scheduled Oct.
Still, US-China relations remain fraught. On Sept. 1, the United States imposed a 15 per cent tariff on an additional $112 billion of Chinese goods, the first step toward taxing almost all Chinese imports by mid-December. And for now, the next increase has only been delayed not canceled. On Oct. 15, the United States now plans to raise to 30 per cent from 25 per cent its import levy on $250 billion worth of Chinese products.
The president has been seeking a comprehensive trade deal involving huge new Chinese purchases of American industrial and agricultural goods as well as structural changes in China’s state-directed economic model. “China wants to claim the moral high ground before the October talks and to send a message of goodwill,” said Yao Xinchao, professor of international trade at the University of International Business and Economics in Beijing. “It’s all about moulding public opinion” to portray the United States as the aggressor, Yao added.
“The purpose is to minimize the impact of economic and trade frictions on Chinese enterprises, and to show China’s consistent calmness and rationality in dealing with these frictions,” the state news agency, Xinhua, wrote in a commentary published Wednesday evening. It characterized China as “highly responsible.”
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