Washington sources reported that US President Donald Trump announced that his administration was postponing a planned 5% tariff hike on $250 billion worth of Chinese goods by two weeks as a gesture of goodwill toward Beijing on the 70th anniversary of the founding of the People's Republic.
Meanwhile Trump took to Twitter on Wednesday to announce that the hike from 25 to 30 per cent in duties on certain Chinese imports would take effect on October 15 instead of October 1, as had been previously scheduled. The President 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 1, we have agreed, as a gesture of good will, to move the increased Tariffs on $250 billion worth of goods (25% to 30%), from October 1 to October 15”.
Furthermore the development comes after china's Customs Tariff Commission of the State Council on Wednesday postponed the planned 25% tariffs on 16 American products, which were to come into effect on Tuesday, by a year. Moreover these tariffs will now take effect on September 16, 2020, and affects items including fishmeal, some lubricants and raw materials used in cancer drugs.
