Trump administration reportedly plans to delay China tariffs set to take effect Sunday
December 10, 2019 @ 20:56 +03:00
The U.S. and China are taking steps to delay the next round of American tariffs set for Sunday as they seek a deal to rein in a raging trade war, The Wall Street Journal reported Tuesday.
Negotiators from the world’s two largest economies “are laying the groundwork” for the Trump administration to hold off on 15% tariffs on about $160 billion in Chinese goods, according to the newspaper. The U.S. and China have tried to salvage a potential “phase one” trade agreement, a deal that would involve Chinese purchases of U.S. agriculture first announced in October. The sides have failed to sign a partial deal.
News about a potential delay of the duties — which threatened to further hurt U.S. businesses and consumers — helped to send stock futures higher Tuesday morning. It is unclear how long the U.S. could hold back on imposing this round of tariffs, which are aimed at Chinese-made consumer goods including toys, phones, laptops and clothes.
The Office of the U.S. Trade Representative did not immediately respond to a request to comment, while a White House spokesman declined to comment.
Earlier this month, President Donald Trump suggested he could wait until after the 2020 election to strike a trade agreement with China. He added that he has “no deadline” to reach an agreement.
Trump administration reportedly plans to delay China tariffs set to take effect Sunday, CNBC, Dec 10