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Reuters
WASHINGTON
China made no concessions to the United States after President Donald Trump postponed threatened tariffs on some Chinese imports until mid-December, senior U.S. officials said on Wednesday, adding that talks aimed at resolving the trade fight would continue and markets should be patient.
“This was not a quid pro quo,” U.S. Commerce Secretary Wilbur Ross told CNBC television in an interview, using a Latin phrase meaning a favor exchanged for a favor.
Trump on Tuesday backed off his Sept. 1 deadline for imposing 10% tariffs on thousands of Chinese imports, including technology products, clothing and footwear, pushing it to Dec. 15 for certain items. U.S. and Chinese officials also announced renewed trade discussions.
Both developments drew cautious relief from retailers and technology groups as the world’s two largest economies enter the second year of their trade dispute.
Trump’s tariff delay comes amid growing concerns about a global economic slowdown. U.S. stocks fell sharply on Wednesday as bond markets issued a possible recession signal with the U.S. Treasury yield curve inverting for the first time since 2007.
White House trade adviser Peter Navarro, in a separate interview on Fox Business Network, said the decision to delay the additional tariffs was made to limit the pain on U.S. businesses, which already had contracts to buy Chinese goods for the holiday selling season and had no way to avoid passing costs on to consumers.
Trump on Tuesday said he delayed the tariffs to shield Christmas sales from the
tariffs.
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15/08/2019
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