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

Will delay tariffs on Chinese cellphones, laptops, video games

Will delay tariffs on Chinese cellphones, laptops, video games

U.S. President Donald Trump on Tuesday cited China for not following through with expected large purchases of U.S. agricultural products but appeared hopeful that Beijing's stance could change.

Stock markets cheered the development, with the Dow Jones Industrial Average jumping 500 points or nearly two per cent from Monday's close. "Maybe this will be different!" the president wrote.

Further, as part of USTR's public comment and hearing process, it was determined that the tariff should be delayed to December 15 for certain articles.

According to lists published by the USTR, a broad category of items taken off a $200bn tariff list past year will be subject to the 10% tariff as of 1 September.

The U.S. Chamber of Commerce praised the tariff delays and said it was "more important than ever that the two sides return to the negotiating table and recommit to achieving progress towards a comprehensive, enforceable agreement".

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The 21-page-list of products that won't get hit with tariffs until December includes baby monitors and strollers, microwaves, instant print cameras, doorbells, high chairs, musical instruments, ketchup dispensers, baby diapers, fireworks, sleeping bags, nativity scenes, fishing reels, paint rollers and food products.

Most of the levies are scheduled to kick in on 1 September.

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

The USTR's announcement comes amid growing concerns about a global economic slowdown.

Stock markets surged Tuesday after USA trade authorities scaled back plans to put another 10 per cent tariff on Chinese goods starting next month, and have made a decision to temporarily exclude things like computers, game consoles, some toys and clothes from the punitive measure. Since the iPhone is designed in the US but assembled in China, it is considered an import from that country and is subject to the tariffs.

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