Trump delays increase in tariffs on Chinese goods by two weeks 'as a gesture of goodwill'
Source: Washington Post
President Trump took a modest step Wednesday night to deescalate the trade war with China, saying he would delay until Oct. 15 an increase in the tariff rate on $250 billion in Chinese exports. The increase, from 25 percent to 30 percent, had been scheduled to go into effect Oct. 1. Trump said on Twitter that the move was made at the request of the Chinese and as a gesture of good will.
Trumps move Wednesday came after China had made a gesture of its own, announcing it would exempt 16 American-made products from tariffs as a sign of goodwill ahead of talks scheduled for next month. The gesture, which Beijing said was designed to ease the disputes impact on American companies, does not offer relief from tariffs on the big-ticket agricultural products such as soybeans and corn that are causing the most hurt in the United States.
China wants to claim the moral high ground before the October talks and to send a message of goodwill, said Yao Xinchao, professor of international trade at the University of International Business and Economics in Beijing. Its all about molding public opinion to portray the United States as the aggressor, Yao added.
Chinas Ministry of Finance said that 16 types of U.S. products would be exempt from retaliatory tariffs for a year from Tuesday. The list included varieties of animal feed such as alfalfa and fish meal, cancer drugs gefitinib and capecitabine, base oil for lubricants and lubricating grease, and some farm chemicals. Further exemptions will be announced in the coming weeks, the ministry said, and tariffs that have been imposed will be refunded.
Read more: https://beta.washingtonpost.com/world/asia_pacific/china-to-remove-tariffs-on-some-us-products-but-not-pork-or-soybeans/2019/09/11/79d45fc0-d459-11e9-8924-1db7dac797fb_story.html
Original article -
September 11, 2019 at 7:32 p.m. EDT
President Trump said he would delay until Oct. 15 an increase in the tariff rate on $250 billion in Chinese exports, from 25 percent to 30 percent. The increase had been scheduled to go into effect Oct. 1.
This is a developing story. It will be updated.
https://beta.washingtonpost.com/news/business/wp/2019/09/11/trump-delays-increase-in-tariffs-on-chinese-goods-by-two-weeks-as-a-gesture-of-goodwill/
bucolic_frolic
(42,666 posts)so he's going reasonable, flexible! And just a tad left on agreeing to lend Iran $15 billion, and revisit Obama's Iran Nuclear deal.
Next thing you know Trump'll be a Flamenco liberal!
cstanleytech
(26,080 posts)reverses and apologises to them (which he won't do) the Chinese will not back down until he out of office.
machoneman
(3,951 posts)Man, he can't get anything right!
Maxheader
(4,366 posts)on britain...its brain is so fucked up....
cstanleytech
(26,080 posts)democratisphere
(17,235 posts)China has already told our farmers to get lost and they will no longer be buying our agricultural products. Looks like the dealmaker f'ed up royally on this one!
Vinca
(50,170 posts)Bleacher Creature
(11,235 posts)Iliyah
(25,111 posts)China is going elsewhere.
t-rump is messing with the stock market which in the long run won't end well.
ProudMNDemocrat
(16,481 posts)Said in my Church Lady snarky voice.
iluvtennis
(19,757 posts)doc03
(35,148 posts)to win trade war. Well that statement put moe money
into the day traders pockets. I am starting to think that is the whole purpose of his trade war.
yaesu
(8,020 posts)Midnight Writer
(21,546 posts)There are other countries ready to take our place with identical products for less money.
And we have demonstrated that we are unreliable business partners.
The same applies to our defense treaties. If we can renege on the whim of a single unstable leader, what do we have to offer?
AKing
(511 posts)patphil
(6,029 posts)Trump wilted!
He's going to have to give concessions to get the Chinese to back off, and you know how often Trump does that.
Looks like the US farmers are going to take one up the butt for Trump.
dchill
(38,320 posts)htuttle
(23,738 posts)Utter bullshit.