Trump delays China tariffs in 'goodwill gesture'

Video Credit: Reuters Studio - Duration: 01:14s - Published
Trump delays China tariffs in 'goodwill gesture'

Trump delays China tariffs in 'goodwill gesture'

U.S. President Donald Trump on Wednesday welcomed a decision by China to exempt some U.S. anti-cancer drugs and other goods from its tariffs and announced a short delay to scheduled tariff hikes on billions worth of Chinese goods.

Ryan Brooks reports.

President Donald Trump answered trade concessions from China with what may be his own attempt to defuse the countries' trade war.

On Wednesday (September 11) Trump announced a delay on scheduled tariff hikes on billions worth of Chinese goods pushing it back two weeks to October 15th.

On Twitter he called it a 'gesture of good will.'

The day before, Beijing said it would exempt 16 types of American products from more tariffs including animal feed ingredients and anti-cancer drugs.

Trump told reporters at the White House China's decision was a 'big move' ahead of high-level trade talks in Washington in the weeks ahead.

In all, the world's two largest economies have slapped tit-for-tat tariffs on hundreds of billions of dollars-worth of goods in a bitter trade battle that has raised the specter of a global recession.

The gestures may help ease tension ahead of the talks but the exempted list from China pales in comparison to the over 5,000 products already subject to a 25% tariff China put in place last year.

And notably, big-ticket agricultural products like U.S. soybeans aren't on the list.

Chinese Vice Premier Liu He is expected to meet with top Trump trade negotiators in Washington early next month.

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