In an act of “good will”, President Donald Trump says he will give China a brief reprieve from scheduled tariffs. The tariffs were set to increase from 25% to 30% on October 1, but have been delayed until October 15.
Trump said the short but sweet gesture was made in part due to a request by Vice Premier of China, Liu He, during recent negotiations, and also as a gift to China as it celebrates its 70th anniversary.
The tariffs would have impacted $250 billion of goods imported from China. Of course, they’ve still only been postponed for two weeks and will undoubtedly be back in place barring any progress on negotiations.
Still, U.S. stock futures rose more than 0.5% percent on the heels of the announcement. The Dow is also expected to open 150+ points higher on Thursday.