President Trump Delays New Round of Tariff Increases on Chinese Goods

Magazines in Hong Kong feature Chinese President Xi Jinping and President Donald Trump as the trade war continues. (AP photo/Andy Wong)

(CN) – President Donald Trump announced on Wednesday that the U.S. will delay tariffs against select Chinese imports in an ongoing trade war between the two superpowers.

Trump said the delay was requested by Chinese Vice Premier Liu He to avoid souring China’s 70th anniversary.

“We have agreed, as a gesture of good will, to move increased tariffs,” Trump tweeted, on $250 billion worth of goods from China set to begin Oct. 15.

Tariffs of 25% on the goods were due to rise to 30% starting at the beginning of October and Trump has boasted of penalties on $550 billion worth of Chinese products.

Meanwhile, China announced earlier in the day that it will exempt industrial grease and other imports from penalty hikes against the United States, but kept in place penalties on soybeans and other major U.S. exports before negotiations next month.

A list of items including lubricants, fish meal with animal feed and other chemicals will be exempt from penalties of up to 25% imposed in response to Trump’s tariff hikes on Chinese products, according to the Ministry of Finance on Wednesday.

Beijing’s earlier tariff hikes avoided processor chips and other U.S. technology required by Chinese industry.

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