Trump Administration Delays Latest Tariffs Increase, But Denies Deals in Interim
President Trump announced yesterday that the U.S. would postpone the latest wave of tariff increases on Chinese imports as a "gesture of good will," as China is celebrating its 70th anniversary on Oct. 1. The increase will now kick in on Oct. 15.
....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.
— Donald J. Trump (@realDonaldTrump) September 11, 2019
Before anyone gets too excited that this is an extended olive branch in an otherwise tense situation, a senior White House official told CNBC that the U.S. is "absolutely not" considering a trade deal with China in the interim, following other reports that the Trump Administration discussed delaying or removing some tariffs. Though, at this point, any easing of tensions is welcome, even if it's minimal.
Other than this news, the trade situation remains mostly the same—stalemate some days, fiery back and forth other days. The next round of scheduled talks between the U.S. and China is still slated for early October.
Vice Premier Liu, China's top trade negotiator who asked the Trump Administration to do them the solid of delaying tariffs to remove some sting on its national holiday, reportedly said talks will focus on "trade balance, market access and investor protection."
We'll keep you updated on any progress.