China Tariffs For Consoles & Other Tech Products Delayed Until After Holidays

China Tariffs For Consoles & Other Tech Products Delayed Until After Holidays

"We're [delaying the tariffs] for Christmas season, just in case some of the tariffs would have an impact on USA customers, but so far, they've had virtually none", Trump said. Economists had also been sounding alarms, saying the escalating trade war was increasing the odds of an economic downturn next year. He said the new tariff would go into effect on September 1. Those include cell phones, laptops, video game consoles, computer monitors, and some types of toys, shoes and clothing.

Reaction in financial markets was swift.

On Tuesday, technology investors welcomed news of the delay, pushing an index of chip stocks up 3.1 per cent, while shares of Apple surged more than 5 per cent, and the Dow Jones Industrial Average rose more than 500 points.

Coming up: API's weekly crude oil stock report.

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. Over several days in June, the USTR heard from dozens of companies and business groups, many of them voicing concerns about the upcoming tariffs. It's expected that the increased tariffs will impact around $300 billion worth of imports from China.

In a surprise reversal, the administration delayed tariffs on certain goods imported from China until December 15 to prevent an impact on USA holiday sales.

Trump has now partially reversed himself on the 10% tariff, without any corresponding concession from China.

"Make no mistake, these tariffs, including the ones imposed in earlier tranches, are paid by USA companies".

The tariff announcement came shortly after Trump insisted again that his levies were not causing higher prices for American consumers and that China was bearing the cost of them. Companies including VF Corp., Shoe Carnival Inc. and Wolverine World Wide Inc. rallied against a tax that they said could hurt businesses, families and the overall US economy.

Despite the exchanges between the US and Chinese negotiators, the prospects for negotiations remain dim.

United States trade tariffs against Beijing will moderately slow Chinese economic growth this year, the International Monetary Fund (IMF) said in a news report earlier in August. But little by little, higher tariffs have been assessed on about half of all imports from China, and Beijing has responded with retaliatory duties on most of its imports from the United States. "They create costs and uncertainty, forcing companies to delay or scuttle hiring and investment decisions and, ultimately, hit the US consumer", he wrote in a statement.

The delay, combined with renewed talks with China, suggest Trump may be willing to compromise. President Donald Trump said his administration had a "very productive" call with China and that he thinks Beijing wants to "do something dramatic" on trade.

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