Financial news

Donald Trump delays tariff increase on request from China

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US President Donald Trump has postponed the introduction of higher tariffs on Chinese goods until October 15 on the request of China’s vice premier and as a “gesture of goodwill”.

Mr Trump said in two tweets on Wednesday evening that the increase in tariffs on $250bn worth of Chinese goods originally scheduled for October 1 would be pushed back as the original date coincides with the 70th anniversary of the People’s Republic of China.

He said that vice-premier Liu He had made the request to delay that date from which the higher tariffs would be imposed. Tariffs on Chinese imports were set to increase to 30 per cent from 25 per cent. 

China’s offshore renminbi strengthened 0.2 per cent versus the dollar in response to the tweet and S&P 500 futures jumped 0.5 per cent.

The move by the US president follows a gesture by China on Wednesday to exempt 16 types of US goods from import tariffs ahead of the latest round of talks.

Via Financial Times

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