Donald Trump delays increase in Chinese tariff by 15 days

Remigio Civitarese
Settembre 13, 2019

President Donald Trump says the United States has agreed to a two-week delay in a planned increase in tariffs on some Chinese imports.

"Trump's goodwill gesture suggests that the trade war is starting to bite and the US may be more eager to close a deal", said Chua Hak Bin, an economist at Maybank Kim Eng Research Pte.in Singapore.

The U.S. goods on the exemption list-which were initially slated for tariffs of up to 25 percent amid the U.S.

The U.S. and China are taking baby steps to ease tensions in their trade war, as negotiators prepare for the resumption of face-to-face talks in Washington in the coming weeks.

The inquiries into the cost of soybeans, pork and other farm products announced Thursday come as officials from the two countries are expected to return to the negotiating table in October after months of stalemate.

Trump's financial miscalculations have a long history if we consider his mistakes regarding his casino empire, which resulted in white elephants that left him with massive debt.

However, he again warned that Trump will only accept a good deal, and is willing to raise tariffs if necessary. At the end of July, Warren rolled out a plan laying out a number of criteria, including environmental standards and labor rights, that countries would need to meet in order to order to be able to trade with the U.S.

Chinese Vice Premier Liu He, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Chairman of the U.S. Neither side has specified a date for the meetings.

China reduced purchases of U.S. farm products in August after Trump vowed to impose new tariffs on around $300bn of Chinese goods, dimming prospects of a deal.

Trump forged a new trade deal with Canada and Mexico past year, aptly named the U.S. -Mexico-Canada Agreement, that included new key provisions governing the auto and dairy industries.

Beijing has said it would work on exempting some USA products from tariffs if they are not easily substituted from elsewhere. That means the items will not be subject to additional tariffs imposed by China on US products as countermeasures to US Section 301 measures. Trump tweeted early Thursday.

For two years, the Trump administration has sought to pressure China to make sweeping changes to its policies on intellectual property protection, forced transfers of technology to Chinese firms, industrial subsidies and market access.

The commerce ministry said Chinese companies are inquiring about prices of USA soybeans and pork.

The soya development was another indication that trade tensions between Washington and Beijing may be easing, after hitting a low last month when China suspended all U.S. farm product purchases in response to threats by Trump to impose more tariffs on Chinese goods.

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