Two-week delay to US tariff hikes follows PRC concessions

12 Sep '19

2 min read

Pic: Shutterstock

As China decided to exempt some US anti-cancer drugs and other goods from its tariffs, US President Donald Trump termed the decision a ‘big move’ and announced a two-week delay to scheduled tariff hikes on billions worth of Chinese items. Beijing’s decision was a positive gesture before trade negotiators from both countries meet in Washington, Trump said.

China on September 11 announced its first batch of tariff exemptions for 16 kinds of US products, including some anti-cancer drugs, lubricants and animal feed ingredients. The Chinese exemption takes effect from September 17 and be valid for a year, the country’s ministry of finance said in a statement.

The United States had agreed to delay raising tariffs on $250 billion worth of Chinese imports from October 1 to October 15 ‘as a gesture of good will’, Trump twitted. He said he hoped to reach a trade agreement with China.

Deputy trade negotiators are due to meet in Washington in mid-September, with minister-level talks to follow in October. Exact dates for the meetings have not been released.

Senior White House adviser Peter Navarro this week urged investors, businesses and the public to be patient about the trade dispute. (DS)

Fibre2Fashion News Desk – India

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