Trump says October hike in China tariffs delayed 2 weeks

The long-running trade war between China and the US has seen them swap tariffs on goods worth hundreds of billions of dollars

US President Donald Trump said Wednesday the United States will delay increasing tariffs on $250 billion (€227 billion euros) worth of Chinese imports by two weeks "as a gesture of good will".

The US and China have engaged in a tit-for-tat tariff war affecting billions of dollars in goods.

"Chinese tariffs that really matter are the ones on U.S. agricultural and manufacturing goods, produced mainly in states with strong support for [President] Donald Trump", Artur Baluszynski, head of research at Henderson Rowe, told CNN Business.

US-China trade tensions intensified earlier this month when Washington and Beijing imposed further tariffs on each other.

The Chinese Finance Ministry announcement earlier the in day mostly impacts small items such as fish food, cancer medicine, lubricant oil and various chemicals.

"The exemption could be seen as a gesture of sincerity towards the United States 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.

He said the delay had been requested by China, and also follows a move by Beijing to scrap some USA tariffs.

In a sign of the pressure being felt by the Chinese economy, the central People's Bank of China said on Friday it would cut the amount of cash lenders must keep in reserve, allowing an estimated $126 billion in additional loans to businesses.

The goodwill gestures from both sides have raised expectations of October talks to reach a deal to end the year-long bruising trade war between the top two economies of the world.

Chinese officials say the exemptions will take effect next Tuesday and be valid for one year.

Earlier on Wednesday, a survey by a prominent American business association showed the trade dispute was souring the profit and investment outlook for U.S. companies operating in the world's second-biggest economy.

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