President Donald Trump announced late Wednesday that he will delay implementing higher tariffs on $250 billion of Chinese goods for two weeks. In a series of tweets, Trump said the tariff hikes — from 25% to 30% — that were scheduled to take effect Oct. 1 will now go into effect Oct. 15. Trump said he’s doing so at the request of China’s top trade negotiator, Liu He, and “due to the fact that the People’s Republic of China will be celebrating their 70th Anniversary.” U.S. and Chinese trade negotiators will reportedly meet in early October, and the delay could be a sign of goodwill before the talks. U.S. stock market futures shot up immediately after the tweets, with Dow Jones Industrial Average futures
up about 150 points.
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