President Donald Trump said Thursday his administration is postponing tariff hikes to give China “a two week reprieve” and “in honor of President Xi.”

In the latest of conciliatory gestures between the United States and China since the start of the tariff war, state-controlled Chinese media on Friday morning announced that Beijing will exempt tariff hikes for U.S. pork and soybeans, amid soaring pork prices in China.

President Trump announced via Twitter on Sept. 11 postponement of the tariff hikes on Chinese imports.

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On Thursday evening the president spoke to White House reporters about his administration’s decision. He stated that they received a call from the Chinese vice premier asking to delay the tariff. “The call was directed to my people actually and they asked whether or not it would be possible to delay the hit on the tariffs up to 30 percent from 25 percent,” said President Trump.

“We gave them a two-week reprieve and so we’ll be doing the tariffs on October 15, instead of October 5th or 1st,” said the president, who continued, “We’re moving it to October 15th because they’re having their 70th anniversary and I will do that again in honor of President Xi.”

It was done “as a gesture of goodwill,” President Trump tweeted.

 

President Trump told White House reporters that the U.S. economy is doing well. “The stock market’s up again and we’re very close to a new high,” said the president. “Many, many times we’ve set the record.”

The president said, “a lot of good things are happening” and “We’re having a tremendous couple of weeks.”

Chinese authorities responded Friday morning saying Beijing would lift tariffs on U.S. pork and soybeans.

Meanwhile, pork prices in mainland China surged nearly 50 percent in August from a year ago. Soaring pork prices hit ordinary Chinese households hard. It means many Chinese families have to reconsider their menu options.

Chinese butcher Sun Tiantao said there are fewer pigs in the market due to the African swine fever last year, causing the price of pork to jump by 40%.

Sun said, “People complain pork is too expensive and buy less” and so his business is not doing well.

Retired worker Liu Jingyuan said the price is rising so fast that “people are panicking.” Another retiree, Liu Min, a 61-year-old former cleaning lady, said the high price of pork “is having a huge effect” on her because her pension is “only a little bit, and I also need to pay to see doctors.”

Nonetheless, Liu bought a small piece of pork costing her $3 (or 21 yuan) during a recent visit to a local fresh market. The price is almost double of what she had to pay before.

Beijing’s statement came after the Trump administration’s decision to delay a planned tariff hike on Chinese imports.

The reciprocal moves between the two countries could imply that both sides are ready for reconciliatory talks in Washington toward resolving the trade dispute that is impacting global economic growth, as well as ordinary Chinese people in mainland China.