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US Delays New Tariffs On Some Chinese Exports

US Delays New Tariffs On Some Chinese Exports

The U.S. on Tuesday said it is delaying a new 10% tariff on some key Chinese imported consumer products that President Donald Trump had been set to impose September 1.

The Office of the U.S. Trade Representative said the levies on laptop computers and computer monitors, cell phones, video game consoles, some toys, shoes and clothing would be delayed until December 15. That could be a cost-saving benefit to U.S. consumers, who often give such products to family members and friends over the December holiday season.

In addition, the U.S. said it is exempting altogether a separate group of Chinese imports “based on health, safety, national security and other factors.”

But the new tariff will still be imposed on a wide range of other Chinese goods, the U.S. trade office said, with the list of affected products to be announced soon.

After days of losses, U.S. stock indexes surged on news of the tariff rollbacks, with markets in New York jumping 1.6% or more.

The tariff changes were announced as Trump, on a golf vacation at his New Jersey resort, defended his trade conflict with China.

On Twitter, he contended tariffs he has imposed on hundreds of billions of dollars of Chinese exports headed to the United States are benefiting the U.S. Treasury. He said the tariffs are not hurting U.S. consumers who buy Chinese-made goods or farmers whose produce China has stopped buying.

“Through massive devaluation of their currency and pumping vast sums of money into their system, the tens of billions of dollars that the U.S. is receiving is a gift from China,” Trump tweeted. “Prices not up, no inflation. Farmers getting more than China would be spending. Fake News won’t report!”

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