Trump delays tariff hikes two weeks as ‘goodwill’ gesture to China

© Daniel Raustadt

The October 1 deadline, which would have seen the US apply another 5% tariffs on some $250bn of Chinese imports – raising an existing tariff from 25% to 30% – has been postponed by a fortnight. The Chinese requested it be delayed until after Golden Week and anniversary celebrations, according to a President Trump tweet. According to this report from CNBC, Mr Trump initially planned to double tariffs rather than the 5% increase, but was dissuaded after widespread business lobbying. “Treasury secretary Steven Mnuchin and US trade representative Robert Lighthizer then enlisted multiple CEOs to call the president and warn him about the impact of such a move on the stock market and the economy.”