It seems that good sense has prevailed and the decision to increase tariffs on certain Chinese goods from 10 percent to 25 percent has been delayed. This news was made public by the U.S. President, Donald Trump in a series of tweets on Sunday.
“After productive talks with China, I will be delaying the U.S. increase in tariffs now scheduled for March 1. Assuming both sides make additional progress, we will be planning a Summit for President Xi and myself, at Mar-a-Lago, to conclude an agreement. A very good weekend for U.S. & China!”
….productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1. Assuming both sides make additional progress, we will be planning a Summit for President Xi and myself, at Mar-a-Lago, to conclude an agreement. A very good weekend for U.S. & China!
— Donald J. Trump (@realDonaldTrump) February 24, 2019
The U.S. was planning to increase tariffs on Chinese goods worth $200 billion by 1st of March, 2019 and according to reports tariffs were expected to rise by 25 percent on Chinese imports.
This whole process of increasing tariffs was started in the Month of March last year when the U.S. president Donald Trump initiated the process of installing tariffs on certain Chinese goods restricting Chinese investment in “industries and technology deemed important” to US interests.
By June last year, the tariff war become a full-fledged trade war between the U.S. and China with both the countries going for a ‘tit-for-tat’ approach and Trump was true to his words asking United States Trade Representative Robert Lighthizer to find another $200 billion worth of products to hit.
The tariff war continued and speaking at the G20 meeting in the month of November last year, Trump said iPhone buyers could handle a 10 percent increase in cost.
“I can make it 10 percent, and people could stand that very easily,” he said, before reiterating that company should build production factories in the United States.
Last week, in a tweet the President said that he wanted the US companies to start working on the 6G technology as soon as possible.
“I want 5G, and even 6G, technology in the United States as soon as possible. It is far more powerful, faster, and smarter than the current standard. American companies must step up their efforts, or get left behind,” he tweeted.