Fri. Aug 7th, 2020

Trump postponed raising taxes with China

The US president approved a postponement of a tax increase of US $ 250 billion for Chinese goods for two weeks at the request of Beijing.

“We have approved it as a gesture of goodwill to postpone the tax increase from 25% to 30% on US $ 250 billion of Chinese imports from October 1 to October 15,” US President Donald Trump posted on Twitter 11/9.

Trump said the decision was made after Chinese Deputy Prime Minister Liu He proposed and based on the fact that China is about to celebrate its 70th anniversary.

China earlier announced a waiver of new tariffs on 16 products imported from the United States on Sept. 17, a move to reconcile ahead of bilateral high-level talks in Washington next month to resolve the war. trade. However, the new list of tax-exempt products does not include US high value agricultural products such as soybeans and pork.

This is the first time China has announced tax-exempt products since it imposed tariffs on US imports from July last year. Meanwhile, the US Trade Representative Office has announced six rounds of tax exemptions for $ 34 billion of Chinese goods since December last year.

The US-China trade war lasted more than a year with “tit-for-tat” taxes, which caused both economies to suffer. The latest tariffs between the US and China took effect on September 1, marking a new escalation of tension in the trade war. Observers say the upcoming negotiations are difficult to create a breakthrough to end the war.

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