Trump delays some tariffs on Chinese imports

13 August, 2019, 19:32 | Author: Regina Silva
  • US delays tariffs on cellphones, laptops and toys from China

And it's removing other items from the list based "on health, safety, national security and other factors".

But the agency says it would delay the tariffs to December 15 on some goods, including cellphones, laptop computers, video game consoles, some toys, computer monitors, shoes and clothing. Shares of Apple, Mattel and shoe brand Steve Madden shot up on the news.

The additional 10% tariff on some $300bn worth of Chinese imports was set to be implemented on September 1.

Shortly after the announcement, Trump criticized China, claiming it has not lived up to the promises it has made during trade talks.

Technology investors welcomed news of the exemptions, pushing an index of chip stocks up 2.8%.

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Wall Street's main indexes had initially opened lower, adding to a global slide in stocks due to geopolitical concerns, with a Labor Department report also showing the core consumer price index rose 2.2 per cent in the 12 months through July.

The U.S. trade representative said the new 10% tariffs - part of a sharp escalation in Trump's trade war with China - would take effect as planned on September 1.

He also personally criticised Chinese President Xi Jinping for failing to do more to stem sales of the synthetic opioid fentanyl amid an opioid overdosing crisis in the US.

Earlier on Tuesday, China's chief trade negotiators, Vice Premier Liu He and Commerce Minister Zhong Shan, spoke to their United States counterparts, Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer. Mr Lighthizer and Mr Liu have scheduled another telephone call in two weeks.

According to lists published by the USTR, a broad category of items taken off a $200bn tariff list a year ago will be subject to the 10% tariff as of 1 September.

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