President Donald Trump has delayed a new round of tariffs that would have put a 25% surcharge on an additional $300 billion worth of products made in China, which would have included a broad range of housewares.
Trump made the announcement during a recent trip to Asia for the G-20 Summit. According to news reports, following a meeting with China’s President Xi Jinping, the president said that trade negotiations between the U.S. and China are “back on track” and that he would hold off on new tariffs on Chinese-made products.
The additional tariffs that were being threatened by Trump would have followed the 25% tariffs on $200 billion worth of goods imported from China that are currently in effect.
Following Trump’s announcement, the National Retail Federation released a statement that expressed hope that progress made during talks between Trump and China’s President Xi at the G-20 summit in Japan will lead to the end of the two countries’ trade war.
“We welcome the progress made during this meeting and hope it will result in a constructive approach to working with China to deliver significant reforms rather than one that punishes American consumers and threatens U.S. jobs through tariffs,” said David French, NRF svp/government relations. “Pulling back from the brink of further tariff escalation is a good sign for retailers and their customers, and we look forward to continued progress in the talks with China so that further tariffs can be avoided and existing ones lifted.”