Published: Tue, August 13, 2019
Markets | By Otis Pena

Apple leads Wall Street rally as US delays on tariffs

Apple leads Wall Street rally as US delays on tariffs

The US trade representative's office action was published just minutes after China's ministry of commerce said Vice Premier Liu conducted a phone call with US trade officials.

The office of the U.S. Trade Representative said Tuesday that while new tariffs are taking effect for some products on September 1, "certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10 percent".

Instead of facing a levy as of next month, the tariff on those items won't be implemented until mid-December.

And Trump accused Beijing of continuing to renege on its commitment to buy USA agricultural goods. "Maybe this will be different!"

Apple Inc. shares spiked on Tuesday after the USA delayed a 10% tariff on certain Chinese imports, including such technology products as cell phones and laptop computers.

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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.

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

The iPhone maker is highly correlated to trade issues with China, given the country is both a key part of its supply chain as well as a major source of revenue.

The Journal also notes that the us already collected about $30 billion per year from pre-existing tariffs on goods made in various countries, including China.

While trade talks between the United States 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. Cell phones, laptop and tablet computers, toys and video game controllers were among the top four product categories in the proposed $300 billion list of products targeted by the latest 10% tariff. He also personally criticized Chinese President Xi Jinping for failing to do more to stem sales of the synthetic opioid fentanyl amid an opioid overdosing crisis in the United States.

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