US pauses proposed China tariffs until Trump and Xi summit
The US is hitting pause on new tariffs for Chinese goods until after President Trump and China's President Xi meet at their upcoming summit.
Bloomberg reported the administration intended to release a trade report before the U.S.-China leaders' meeting that would recommend a 7.5% tariff on Chinese goods, but now it's been delayed.
US tariffs target excess manufacturing capacity
These tariffs are meant to bring tariff rates closer to Trump's country-specific duties that were overturned by the Supreme Court earlier this year, targeting concerns about trading partners' excess manufacturing capacity.
The Trump-Xi summit will also cover big topics like trade, the war in Iran, and how both countries handle artificial intelligence.
Ahead of the meeting, China's foreign minister, Wang Yi, called for "equality, respect, and mutual benefit" in U.S.-China relations during a chat with US Secretary of State Marco Rubio.