President Trump tweeted on Wednesday evening that he will honor China’s request to delay an increase in tariffs on $250 billion worth of Chinese goods.

The increase was set to go into effect on October 1, but Trump said he was asked by Vice Premier Liu He for a brief reprieve, as China is celebrating its 70th anniversary on October 1. Trump said he agreed to postpone the hike until October 15 as “a gesture of good will.” The tariffs are set to go up from 25 percent to 30 percent.

Earlier in the day, China said it would exempt 16 U.S. imports from tariffs, including animal feed and cancer medication. Trade talks between the two countries are expected to start in Washington later this month, before moving to China in October.

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Source:: The Week – Business

      

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