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International Business U.S. agrees to delay tariff hike on some Chinese goods by two weeks

China's Vice Premier Liu He (left) speaks with U.S. President Donald Trump during a trade meeting in the Oval Office at the White House in Washington.

JIM WATSON/AFP/Getty Images

U.S. President Donald Trump said on Wednesday the United States has agreed to delay increasing tariffs on $250-billion worth of Chinese imports from Oct. 1 to Oct. 15 “as a gesture of good will.”

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.”

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

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U.S. President Donald Trump on Wednesday welcomed a decision by China to exempt some U.S. anti-cancer drugs and other goods from its tariffs and announced a short delay to scheduled tariff hikes on billions worth of Chinese goods. Reuters

Chinese trade deputies are expected to meet with their U.S. counterparts in mid-September in Washington before minister-level meetings in early October in the U.S. capital, involving Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

The delay could enable talks to take place before the tariffs kicked in.

The world’s two largest economies imposed fresh tariffs on each other on Sept. 3, ratcheting up a tit-for-tat tariff war that has unsettled financial markets and raised the specter of a global recession.

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