Trump delays increase in tariffs as a 'gesture of good will' to China

President Trump tweeted on Wednesday evening that he will honor China's apparent request to delay an increase in tariffs on $250 billion worth of Chinese goods.

The increase was set to go into effect on Oct. 1, but Trump said he was asked by Vice Premier Liu He for a brief reprieve, as the People's Republic of China is celebrating its 70th anniversary on Oct. 1. Trump said he agreed to postpone the hike until Oct. 15 as "a gesture of good will." The tariffs are set to go up from 25 percent to 30 percent.

Earlier in the day, China said it would exempt 16 U.S. imports from tariffs, including animal feed and cancer medication. Trade talks between the two countries are expected to start in Washington later this month, before moving to China in October.

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