Hours earlier, President Trump announced on Twitter that he decided to delay -- for two weeks -- another round of tariffs increases on Chinese imports.
“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 [sic], to move the increased Tariffs on 250 Billion Dollars worth of goods (25% to 30%), from October 1st to October 15th,” Trump wrote on Twitter.
For more than a year, the world’s two largest economies have been locked in a high-stakes duel marked by Trump’s escalating penalties on Chinese goods and Beijing’s retaliatory tariffs.
The U.S. recently imposed 15 percent tariffs on about $112 billion of Chinese imports.
In total, Trump has imposed or announced penalties on about $550 billion of Chinese products, or almost everything the U.S. buys from the world's No.