The Trump Administration has delayed the scheduled 25% tariff on $200 billion worth of goods manufactured in China that was set to begin January 1.
At the G-20 Summit in Argentina, it was announced that talks between the U.S. and China led to the 90-day postponement of the latest round of tariffs imposed by the administration.
According to a Bloomberg report, as a result of the delay, China has pledged to buy more U.S. goods and the two nations will work in the coming weeks to reach a broader trade agreement.
News of the delay was received positively by the National Retail Federation. Matthew Shay, NRF president and CEO, said, “The (Trump) administration’s decision to give diplomacy a chance and at least temporarily avoid the imposition of increased and additional tariffs is an encouraging sign.”
Throughout 2018, associations such as the NRF and International Housewares Association have joined forces to voice their opposition to tariffs.
“It is clear the administration has heard the voices of those negatively impacted by existing tariffs,” Shay said. “We hope this 90-day tariff pause will lead to a positive resolution that removes tariffs altogether and improves U.S.-China trade relations.”