Trump delays application of new tariffs to China
The president of the United States said that it is a gesture of good will to delay the implementation of new tariffs to Chinese imports from October 1st to 15
After the request made by China’s deputy prime minister and business leader, Liu He, to delay the application of tariffs on the occasion of the 70th anniversary of the People’s Republic of China, the US president Donald Trump published in his Twitter account: “Due to the fact that the People’s Republic of China will celebrate its 70th anniversary on October 1st, we have agreed, as a gesture of goodwill, to delay the rise of tariffs on goods worth 250,000 million (from 25 to 30% ), from October 1st to 15.”
Similarly, it is expected that on December 15 a new increase of 10 to 15% will be applied to the rest of the imports, to reach 300,000 million dollars.
Given this scenario, China launched estimated tariffs of 5 to 10% for US products valued at $ 75 billion. After these impositions, Trump warned that if he is reelected in the elections of 2020, he will be “much harder” in the negotiation of trade agreements. He added that “in the meantime, the supply chain of the Asian giant will crumble.”
Although the tariffs involved in this conflict are not the most important in the commercial relations of both world powers, their delay has allowed both countries to reconcile at a meeting convened in Washintong in early October, as announced two weeks ago. What is certainly known is that by October 15th the thirteenth round of economic and commercial negotiations is planned.
Trade tensions between the two strongest economies in the world began in early 2018 after Trump’s accusations towards his Chinese counterpart Xi Jinping of “unfair commercial practices” and further intensified relations in mid-2019 with the Huawei company crisis damaging the technological evolution of the Asian giant.