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WorldTrump delays tariff hikes by two weeks in 'good will' gesture to China

02:50  12 september  2019
02:50  12 september  2019 Source:   cnbc.com

Trump Delays China Tariff Increase as Trade Talks Approach

Trump Delays China Tariff Increase as Trade Talks Approach President Donald Trump said he was postponing the imposition of 5% extra tariffs on Chinese goods by two weeks, a move that delays the next escalation of the trade war and brightens the backdrop for upcoming negotiations. © AP Photo/Evan Vucci) President Donald Trump speaks during a ceremony honoring the victims of the Sept. 11 terrorist attacks, Wednesday, Sept. 11, 2019, at the Pentagon.

WASHINGTON — President Trump delayed his own deadline to increase tariffs on Chinese goods on Sunday as his administration continues a monthslong A very good weekend for U.S. & China !” The extension will prevent the United States from increasing tariffs on 0 billion of Chinese exports to

.productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1 China ’s official Xinhua news agency echoed Trump ’s comments and said the two sides “came a Talks were extended into the weekend after negotiators produced a deal on currency during negotiations last week .

President Donald Trump on Tuesday tweeted that he will be delaying $250 billion in tariffs on China to October 15 from Oct 1 as a “gesture of good will” to China.

Trump delays tariff hikes by two weeks in 'good will' gesture to China© 2019 Getty Images OAKLAND, CALIFORNIA - SEPTEMBER 03: Shipping containers sit in a shipping terminal at the Port of Oakland on September 03, 2019 in Oakland, California. The Dow Jones Industrial Average fell nearly 300 points on Tuesday as the United States imposed 15% tariffs on some Chinese goods this past Sunday and China also imposed new charges on products from the United States. (Photo by Justin Sullivan/Getty Images)

Trump said the postponement came “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.”

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The US expects China to retaliate over the Trump administration’s latest tariff hike , chief economic adviser Larry Beijing retaliated for previous tariff hikes by raising duties on 0bn of US imports. One study released this week said that as companies which import steel absorb the cost of tariffs by

Donald Trump said on Sunday that he would delay an increase in tariffs on Chinese goods that had been scheduled for Friday, citing "substantial progress" in U.S.- China trade talks over the weekend.

The tariffs were set to increase to 30% from 25% on the goods.

U.S. stock futures jumped more than 0.5% percent after news of the delay.

This is breaking news. Please check back for updates.

Reuters contributed to this report.

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