n this July 24, 2019, photo, a cargo ship is docked a port in Yingkou in northeastern China's Liaoning Province.
On Wednesday, Trump wrote in a post on Twitter that the United States had agreed to delay increasing tariffs on $250 billion worth of Chinese imports from Oct. 1 to Oct. 15 “as a gesture of good will.” The tariffs were set to increase to 30% from 25% on the goods. “The exemption could be seen as a gesture of sincerity towards the US ahead of negotiations in October but is probably more a means of supporting the economy,” ING’s Greater China economist Iris Pang wrote in a note.
Analysts say that with its duties on soybeans and US-made cars, China is taking aim at a key political support base of Trump, mainly the factories and farms across the Midwest and South at a time of receding momentum in the world’s top economy. The exemption will take effect on Sept. 17 and be valid for a year through to Sept. 16, 2020, it said. Beijing said in May that it would start a waiver program, amid growing worries over the cost of the protracted trade war on its already slowing economy.
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