U.S. President Donald Trump agreed to delay increasing tariffs on $250 billion worth of Chinese imports from October 1 to October 15 “as a gesture of good will,” Reuters reports.

The tariffs were set to increase to 30% from 25% on the goods, including bolts, screws and other fasteners manufactured in China.

The announcement followed the Chinese government’s decision to exempt 16 products from tariffs ahead of a new round of talks with the U.S. Those products include cancer treatment drugs and agricultural items.

The brief delays after abrupt hikes earlier this year prompted cautious hope that the U.S. and China would re-engage in trade talks in the coming weeks.

“We need to rebalance this relationship, and they acknowledge it,” stated Treasury Secretary Steven Mnuchin. “So, if China comes here with a proposal that makes sense, we will consider it. We will take it to the president.”

Retailers have condemned the escalating tariffs.

“It’s impossible for businesses to plan for the future in this type of environment” David French, the senior VP for government affairs at the National Retail Federation, stated in August. “The administration’s approach clearly isn’t working, and the answer isn’t more taxes on American businesses and consumers. Where does this end?”

On September 1, the U.S. imposed 15% levies on another $300 billion worth of Chinese imports, including include all iron and steel nuts (HTS subheading 7318.16.00) imported from China.

Trump’s original 10% duty on fasteners from China was applied September 24, 2018.

The Office of the U.S. Trade Representative (USTR) announced a tariff exclusion request process for Section 301 tariffs in July. USTR will accept exclusion requests until Sept. 30, 2019. Any exclusions granted will be retroactive to Sept. 24, 2018, when the duties were first put in place. The exclusion will last for a period of one year after it has been granted.

 

In other tariff news, the World Trade Organization said it will rule on the Trump administration’s 232 national security tariffs on steel and aluminum next fall, according to Law 360.

The trade body said it also expects to issue a decision on the retaliatory tariffs imposed by other countries around the same time, Law 360 reports.

In May the U.S., Canada and Mexico agreed to lift the 25% steel and 10% aluminum tariffs that had been in effect for more than a year.

Originally enacted in March 2018, the metals tariffs were justified after the Commerce Department reported that steel and aluminum imports “threaten to impair the national security,” as defined by Section 232 of the Trade Expansion Act of 1962.

The months after the tariffs were imposed were often chaotic for U.S. fastener manufacturers and other companies attempting to win exclusions from the duties.

Numerous domestic fastener manufacturers are promoting their U.S. operations in advertising, but there are varying responses as to whether or how much the tariffs are boosting domestic sales.