US DELAYS NEW TARIFFS ON CHINESE ELECTRONICS
US retailers and global financial markets got an early Christmas present Tuesday as President Donald Trump’s administration announced it is delaying tariffs on key consumer electronic goods imported from China.
And news that top US and Chinese trade officials spoke by telephone early Tuesday offered further signs of a possible letup in the trade war that had been escalating in recent weeks.
Trump said that conversation was “very productive,” and said he agreed to delay imposing tariffs on some goods to protect consumers going into the holiday shopping season -- even while continuing to
insist that Americans are not paying for the tariffs.
After two days of declines, global stock markets surged higher, especially electronics manufacturers like Apple, amid relief over the view there might be an agreement that would forestall the feared hit to a world economy already showing signs of strain.
The latest round of tariffs on $300 billion in Chinese goods, due to take effect on September 1, meant all Chinese imports into the United States would be subject to additional duties.
Trump’s August 1 tariff announcement prompted immediate outcry from retailers as they prepare for the holiday shopping season.
But the office of the US Trade Representative (USTR) said Tuesday it is delaying until December 15 imposition of new 10 percent tariffs on Chinese-made cell phones, laptops, computer monitors, video game consoles and some toys, footwear and clothing.
“We’re doing this for Christmas season just in case some of the tariffs would have an impact on US customers,” Trump told reporters.