Trump pledges to postpone 5 percent hike on Chinese tariffs

Sept. 11 (UPI) -- President Donald Trump on Wednesday said the United States will postpone a planned 5 percent tariff increase on Chinese goods.

Trump wrote on Twitter that he will push the 5 percent increase in tariffs back two weeks at the request of Chinese Vice Premier Liu He because the original date of Oct. 1 fell on China's 70th anniversary.

"We have agreed, as a gesture of goodwill, to move the increased tariffs on $250 billion worth of goods (25 percent to 30 percent) from Oct. 1 to Oct. 15," Trump wrote.

The president initially announced the tariff increase last month, again accusing China of "taking advantage of the United States on trade, intellectual property theft and much more."

Also, earlier this month the United States imposed new 15 percent tariffs on about $111 billion worth of Chinese goods including clothing and food.

The news also comes after the two countries agreed to another round of trade negotiations in the coming weeks.