USA to delay China tariffs on some products, including laptops, cell phones

13 August, 2019, 19:33 | Author: Regina Silva

USA stocks surged nearly 2% on Tuesday as the Trump administration said it would delay 10% tariffs on some Chinese products, including laptops and cell phones, driving a 5% surge in shares in iPhone maker Apple Inc.

The Trump administration on Tuesday delayed imposing a 10% import tariff on laptops, cell phones, video game consoles and a wide range of other products made in China, in an abrupt pull-back from a hardline stance on Chinese trade.

USA trade tariffs against Beijing will moderately slow Chinese economic growth this year, the International Monetary Fund (IMF) said in a news report earlier in August. Those items will be subjected to the tariffs starting December 15.

"We're doing this for the Christmas season", Trump stated. Farmers getting more than China would be spending.

Apple Inc. shares spiked on Tuesday after the US delayed a 10% tariff on certain Chinese imports, including such technology products as cell phones and laptop computers. Beijing also halted USA agricultural purchases, inflaming a trade war that has roiled financial markets, disrupted supply chains and slowed global growth.

A 4.8% jump in Apple shares and a rise in chip stocks pushed the technology sector, traditionally among the most sensitive to trade issues, 2.33% higher.

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Best Buy Co Inc., the technology retailer, surged 8.3% following the news of the delay.

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.

While trade talks between the U.S. and Chinese delegations are continuing, the two sides have failed to hammer out a deal that can put an end to the year-long trade row.

The administration also announced that certain products will be permanently removed from the tariff target list for reasons of health, safety and national security.

Investors are taking the move as a sign of optimism for negotiations, but there may be far more cynical factors at play.

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