Currents News Staff
President Trump has extended a partial peace offering toward China as the country approaches its 70th anniversary.
“We’ll be doing the tariffs on October 15 instead of October 5 or 1,” Trump said, postponing trade tariff increases of 30 percent on $250 billion worth of goods that was set to begin on the anniversary date.
“This was done as a goodwill gesture to the Chinese,” explained Treasury Secretary Steve Mnuchin.
The Trump administration’s announcement also comes on the heels of Beijing waiving import tariffs on some U.S. items.
This could signal the beginning of the end of the trade war between the U.S. and China?
“To quote a Buffalo Springfield song: ‘There’s something happening here, but what it is ain’t exactly clear,'” said business analyst Paul R. La Monica.
U.S. and Chinese officials are expected to resume trade talks sometime next month in Washington, but a date has yet to be set.
Some analysts believe this stand-off is hitting both countries in the wallet. Chinese trade data showed how soft global demand has been affecting its economy and this summer, U.S. manufacturing fell for the first time in three years.
“I think both the U.S. and China are quickly realizing that this is a painful battle. No one is winning, it’s a matter of who loses less,” explained La Monica.