WASHINGTON — President Trump said Wednesday night that the United States would delay its next planned tariff increase on China by two weeks, as “a gesture of goodwill” that may help to mend the seriously damaged ties between the world’s two biggest economies.
The United States would delay a planned increase in its 25 percent tariff on $250 billion of Chinese goods from Oct. 1 to Oct. 15, a move that was made “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,” the president said in a tweet.
The move comes as trade talks between the United States and China have stagnated, leading to stock market volatility and consternation among businesses that have paid higher prices to import and export goods. Despite months of talks, negotiators still appear far from a comprehensive trade deal that would resolve the Trump administration’s concerns about Chinese economic practices, including its infringement on American intellectual property.
The president’s announcement will delay talks by only two weeks. But it could allow negotiators to meet ahead of the next round of tariffs, raising the potential for that increase to be averted.