The U.S. said it will suspend plans to increase tariffs on $250 billion worth of Chinese products to 30%, NPR reports.
The decision to delay the tariff increase comes after the U.S. reached what President Trump has called “phase one” of a larger trade deal with China. The tariffs on Chinese goods, which include hardwood flooring products, were scheduled to increase from 25% to 30% Oct. 15.
China agreed to purchase more U.S. agricultural products as part of the new trade arrangement.
The arrangement has yet to be agreed to on paper by the two countries and a majority of the tariffs on Chinese goods remain in place, Reuters reports.
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