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September 12, 2019

Trump delays October tariff hike by two weeks

The ongoing tariff saga between the US and China continues, with Donald Trump agreeing to delay the next tariff increase on US$250bn worth of Chinese imports by two weeks.

The ongoing tariff saga between the US and China continues, with the latest move seeing President Donald Trump agree to delay the next tariff increase on US$250bn worth of Chinese imports by two weeks.

Trump took to Twitter to announce the news, stating as a “gesture of good will” the increase scheduled for 1 October will now be pushed back to 15 October, when tariffs on selected items with a total import value of $200bn, will rise from 25% to 30%.

Products on the so-called Tranche 3 list, were subject to an additional 10% tariff as of 24 September last year and a further increase to 25% in May. The list, which includes hundreds of food items covering areas such as meat, seafood and fresh produce, was set to see the levy rise to 30% at the start of next month.

Separately, new 15% tariffs on other food items imported into the US from China came into effect at the beginning of September and are due to be expanded to additional goods on 15 December.

Meanwhile, ahead of the Tranche 4 tariffs, imports at major US retail container ports reached unusually high numbers in July – and are expected to surge again in the run-up to the December increase.

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