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Trump says October tariffs on Chinese imports will be delayed 'as a gesture of good will'

Kelly Tyko, USA TODAY

The increased tariffs on China scheduled to go into effect Oct. 1 will be delayed by two weeks "as a gesture of good will," President Donald Trump announced Wednesday.

Trump tweeted that the delay until Oct. 15 came at "the request of the Vice Premier of China, Liu He, and due to the fact that the People's Republic of China will be celebrating their 70th Anniversary."

"We have agreed, as a gesture of good will, to move the increased Tariffs on 250 Billion Dollars worth of goods (25% to 30%), from October 1st to October 15th," Trump wrote in a two-part tweet.

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On Sept. 1, a 15% U.S. tariff went into effect on some of the $550 billion in Chinese imports that the White House hasn't already slapped with levies.

The October tariffs raise an existing 25% tariff on $250 billion in Chinese imports to 30%. Many of these items are industrial and intermediate goods that will have less impact on American shoppers.

It's not clear how much of the new tariffs will be passed on to American shoppers and how much can be absorbed by U.S. retailers, but at least a portion is likely to result in higher retail prices.

Follow Kelly Tyko on Twitter: @KellyTyko

This article originally appeared on USA TODAY: U.S.-China trade war: October tariffs will be delayed, Trump says