US to delay tariff hike on Chinese goods

President Donald Trump announced on Wednesday that United States will delay increasing tariffs from 25% to 30% on US$ 250 billion worth of Chinese imports from Oct. 1 to Oct. 15 “as a gesture of good will.” This decision came “at the request of the Vice Premier of China, Liu He, and due to the fact that the People’s Republic of China will be celebrating their 70th Anniversary.”

The two economies imposed fresh tariffs on each other on Sept. 3, leading to a tit-for-tat tariff war that has unsettled financial markets and raised the specter of a global recession.