U.S. puts hold on increased Chinese tariffs for now

Washington-DC

WASHINGTON, D.C. (NEXSTAR) — Tariffs on Chinese goods will not be going up Tuesday as President Donald Trump had previously threatened.

Instead, White House officials said they’ll remain at current levels until the trade deal is signed.

However, there is not a solid timeline for when that may happen.

For now, tariff hikes set to happen Tuesday have been shelved after Trump said trade talks with China are progressing.

“We’ve come to a deal on intellectual property, financial services, a tremendous deal for the farmers,” he said.

But there’s still a chance you could end up paying more in the middle of the Christmas shopping season.

A tariff of 15 percent on a $160 billion worth of Chinese goods is still possible in mid-December if a deal isn’t reached before then.

“This is like when you buy a building,” said Treasury Secretary Steve Mnuchin. “You’ve reached an agreement to buy a building and now you got to negotiate the contract.”

Mnuchin said Monday he’s optimistic the U.S. and China will sign phase one in the next few weeks.

“We’ll do what we need to do to get this concluded,” he said.

Yet despite the White House’s optimism about the deal being signed by mid-November, not all Democratic lawmakers are on board.

House Democrat Andre Carson said he’s learned “not to take these announcements as an indication of lasting progress on the issue.”

Carson said he wants to see a real agreement that provides economic stability.

White House officials said its just the details that need to be worked out.

“This document is substantially done,” Mnuchin said. “We’ve made a lot of progress.”

However, the Chinese said there’s still substantial work ahead. In Beijing Monday, the Chinese Foreign Ministry said it hopes “the U.S. can meet China halfway.”

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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