ANI
12 Sep 2019, 06:48 GMT+10
Washington [US], Sept 12 (ANI): President Donald Trump on Wednesday announced that the US will delay tariffs hike on USD 250 billion worths of goods from China as a gesture of goodwill following a request by Beijing.
Trump said that he would push back tariffs set to go into effect on October 1 to October 15 at the request of Chinese Vice-Premier Liu He because the People's Republic of China will be celebrating its 70th anniversary on October 1.
"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....on October 1st, we have agreed, as a gesture of goodwill, to move the increased Tariffs on 250 Billion Dollars worth of goods (25% to 30%), from October 1st to October 15th," Trump tweeted.
This could be seen as a sign of de-escalation of trade tensions between the two countries as the US and China officials have also agreed to meet to continue trade talks this month.
This comes hours after China waived import tariffs on 16 US products including shrimp, fish meal and cancer treatment drugs.
This is for the first time Beijing has issued such exemptions since the US-China trade war began.
Chinese importers can apply for a refund of tariffs already levied on 12 of the products. Four products, including whey, are eligible for the exemption but not for refunds, CNN reported.
The exemption will take effect on September 17 and remain in place until September 16, 2020, the Customs Tariff Commission of the State Council said in a statement, South China Morning Post reported.
However, the analysts pointed out that the exemption list didn't include major goods subject to tariffs, like soybeans or meat.
Since July, US and China have been engaged in a tariff dispute after the world's two largest economies failed to resolve Washington's concerns about on alleged China's intellectual property theft and trade deficit.
According to the Chinese Ministry of Commerce, the next dialogue to resolve trade disputes between China and the United States will be held in October in Washington.
The ministry in a statement added that both sides agreed to make concrete efforts to create positive conditions for continued dialogue. (ANI)Get a daily dose of Knoxville Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Knoxville Times.
More InformationNEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...
LONDON, U.K.: A little-known investment fund based in the United Arab Emirates has emerged as the most prominent public backer of U.S....
SAN FRANCISCO, California: Across the U.S., a growing number of people are taking obesity treatment into their own hands — literally....
SAN FRANCISCO, California: Under pressure from European regulators, Apple has revamped its App Store policies in the EU, introducing...
NEW YORK CITY, New York: The U.S. dollar tumbled this week, hitting its lowest levels since 2021 against the euro, British pound, and...
DOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
TORONTO, Canada: Harvard University and the University of Toronto have created a backup plan to ensure Harvard graduate students continue...
JERUSALEM, Israel: Israeli Prime Minister Benjamin Netanyahu says that Israel's success in the war with Iran could open the door to...
NEW DELHI, India: India has decided not to allow a United Nations (UN) investigator to join the investigation into the recent Air India...
BONN, Germany: Despite widespread belt-tightening across the United Nations, nearly 200 countries agreed this week to increase the...