Trump delays China tariff increase as trade talks approach

BLOOMBERG:

 President Donald Trump said he was postponing the imposition of 5% extra tariffs on Chinese goods by two weeks, a move that delays the next escalation of the trade war and brightens the backdrop for upcoming negotiations.

“At the request of the Vice Premier of China, Liu He, and due to the fact that the People’s Republic of China will be celebrating their 70th Anniversary 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,” Trump wrote Wednesday on Twitter.

S&P 500 futures climbed 0.5% and the offshore yuan strengthened 0.3% against the dollar. The yen fell.

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