US said to delay excess capacity tariffs until after Xi summit

The US is expected to delay the announcement of new tariffs over allegations of trading partners’ excess manufacturing capacity at least until after next week’s planned summit between Chinese President Xi Jinping and US President Donald Trump, according to people familiar with the matter. Bloomberg earlier reported that the administration intended to release a trade report on excess capacity before the US-China leaders’ meeting, which would recommend a 7.5 per cent tariff on Chinese goods. The reason for the delay is unclear. It is also uncertain whether the final tariff rate will change from the previously expected level, which would…