President Donald Trump said on Wednesday that he was delaying plans to impose an additional 5 percent duty on $250 billion worth of Chinese goods until Oct. 15, or two weeks later than now scheduled.
“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, we have agreed, as a gesture of good will, to move the increased Tariffs on 250 Billion Dollars worth of goods (25% to 30%), from October 1st to October 15th,” Trump said in a pair of tweets.
The move followed China’s announcement earlier on Wednesday that it was exempting 16 items from the retaliatory tariffs it has imposed on American products in response to Trump’s tariff moves.
Beijing’s new tariff exemptions cover imports of medicines, insecticides and other products, but not U.S. agricultural goods. Chinese tariffs on U.S. soybeans, pork, corn and other agricultural commodities have had a major impact on U.S. farmers.
Still, Trump told reporters earlier on Wednesday that he welcomed the action.
“I think they did the right thing. I think it was good for them,” Trump said in the Oval Office. “But they took them off, yeah, I think it was a gesture, OK. But it was a big move. People were shocked. I wasn’t shocked.”
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President Trump said tonight that he was delaying plans to impose an additional 5 percent duty on $250 billion worth of Chinese goods until Oct. 15, or two weeks later than scheduled https://t.co/5ReYLOKzRW
— POLITICO (@politico) September 12, 2019
The Dow is up this a.m., possibly on this news. But I’m waiting for the other shoe to drop.
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