U.S. President Donald Trump said that his government had approved the delay on tariff hike amounting to $250 billion of Chinese imports from Oct. 1 to Oct. 15.
Trump said that the delaying of tariffs came as a request from China’s Vice Premier Liu He and Trump granted the application as a gesture of goodwill since the People’s Republic of China will be celebrating its 70th anniversary.
From the previously set 25% tariffs on Chinese imports, the U.S. increased it to 30%. The delay on tariffs imposition leaves the door of opportunity for possible talks open before the tariffs would take effect.
It was made known recently that Chinese trade officials will be meeting the U.S. trade officials this month in Washington as well as meetings next month in Washington between the Vice Premier of China and U.S. Trade Representative Robert Lighthizer.
The exchanges of additional tariffs imposition between these two countries have affected the financial markets previously and continue to form recession issues at present.