WASHINGTON (BRAIN) — President Donald Trump on Wednesday tweeted that a planned increase in tariffs on Chinese goods, including many bike products, will be delayed 15 days.
The administration had announced earlier this month at items on the tariff lists 1, 2, and 3 would see their Section 301 tariff increased from the current 25% to 30% on Oct. 1. On Wednesday he said the increase will be put off until Oct. 15 "as a gesture of good will."
Earlier Wednesday, China announced it would exempt some U.S. goods from its retaliatory tariffs, which Trump told reporters was a "big move." The exemptions include anti-cancer drugs and lubricants, animal feed, whey, and fish meal.
A 15% tariff on a list of $300 billion in Chinese goods, imposed on Sept. 1, remains in place. The administration originally set those tariffs at 10%, but increased them to 15% on Aug. 26. That list, called List 4, includes many bike accessories, including helmets and lights. Other items, including balance bikes, are set to receive the 15% tariff on Dec. 15.
....on October 1st, we have agreed, as a gesture of good will, to move the increased Tariffs on 250 Billion Dollars worth of goods (25% to 30%), from October 1st to October 15th.
— Donald J. Trump (@realDonaldTrump) September 11, 2019
More: How we got here, a Trump tariff timeline, updated Sept. 11, 2019.
