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Trump delays tariff hikes on Chinese goods ahead of talks

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US President Donald Trump will delay a planned tariff hike on $250bn (£202.8bn) of Chinese goods as a "gesture of good will".

In a tweet, Mr Trump said a 5% increase to duties scheduled for 1 October will be postponed for two weeks.

He said the delay had been requested by China, and also follows a move by Beijing to scrap some US tariffs.

It comes as the two sides prepare to hold fresh talks aimed at resolving their long-running trade dispute.

Last month, the US said it would increase the tariff rates on all Chinese goods, which included raising a 25% tax on $250bn of Chinese imports to 30%.

On Wednesday, Mr Trump said China's Vice Premier Liu He had asked him to postpone the upcoming tariff increase from 1 October as the date coincided with the anniversary of the People's Republic of China.

Skip Twitter post by @realDonaldTrump

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….on October 1st, 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.

— Donald J. Trump (@realDonaldTrump) September 11, 2019

End of Twitter post by @realDonaldTrump

Earlier, China released a list of 16 US imports that will be exempted from tariffs including anti-cancer drugs and animal feed.

Significant US exports to China, like pork, soybeans and American-made cars, are among the goods that will still be hit by the hefty taxes.

Growing tensions

The world's largest economies have been locked in a bruising trade fight for the past year that has hurt businesses and weighed on the global economy.

Tensions escalated in recent months and Washington said it would target all Chinese imports to the US with new duties by the end of the year.