United States delays tariffs on some Chinese goods, drops others

Marco Green
August 13, 2019

And it's removing other items from the list based "on health, safety, national security and other factors". Many items, however, including cellphones, laptops, video game consoles, and certain shoes and clothes, would not be hit with the new duties until mid-December, he said. Shares of Apple, Mattel and shoe brand Steve Madden shot up on the news.

President Donald Trump said earlier this month that he would add a 10% tariff on an additional $300 billion of Chinese-made products on September 1, which would effectively put a tax on all Chinese goods coming into the United States.

Separately, China's Ministry of Commerce reported that top Chinese negotiators spoke by phone with their USA counterparts, Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, and plan to talk again in two weeks.

Technology investors welcomed news of the exemptions, pushing an index of chip stocks up 2.8%. Wall Street's three main share indexes rose more than 1.5%.

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

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.

"As usual, China said they were going to be buying "big" from our great American Farmers".

The USTR's announcement comes amid growing concerns about a global economic slowdown. It said talks with trade representative Robert Lighthizer and treasury secretary Steven Mnuchin would occur again in two weeks' time.

The USTR plans to publish a full list of the products later Tuesday.

Other reports by Click Lancashire

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