US said to hold off on fresh tariffs until after Xi-Trump summit: Report

The US is expected to hold off announcing new tariffs on China and other trading partners until after next week's summit between Presidents Xi and Trump, according to people familiar with the matter.The administration had intended to release a trade report on alleged excess capacity before the meeting that would recommend a 7.5% tariff on Chinese goods.The reason for the delay is unclear, but Trump has repeatedly used tariff threats to press trading partners for concessions. US and Chinese negotiators are set to meet over the weekend to discuss any agreements ahead of Xi's state visit. It's also uncertain whether the final tariff rate will change from the previously expected level, which would restore Trump's second-term duties on China to around 20%, a rate Beijing has previously said is consistent with its trade truce with Washington. China has previously signalled that it could take action if US tariffs exceed prevailing levels.(This is a Bloomberg story)Get the latest Business News and Live updates. Download the TOI app.