Economy

US delays tariffs on some Chinese goods, drops others | AP business

US delays tariffs on some Chinese goods, drops others | AP business”

Wall Street snapped a two-day losing streak - and sent shares of Apple soaring - after the United States said it will delay imposing tariffs on certain items that were supposed to take effect on September 1.

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

"We're doing this for the Christmas season", Trump stated.

The exemptions, combined with renewed talks with China, suggest Trump may be willing to compromise.

"As usual, China said they were going to be buying "big" from our great American Farmers. Maybe this will be different!"

Aug 13 (Reuters) - U.S. stocks surged more than 1.5% on Tuesday after the Trump administration said it would delay 10% tariffs on some Chinese products, including laptops and cell phones, driving a 4% rally in shares of iPhone maker Apple Inc.

Financial markets have fully priced in a single quarter-point move at the US central bank's September meeting and are still giving good odds on two more moves after that this year.

The Journal also notes that the USA already collected about $30 billion per year from pre-existing tariffs on goods made in various countries, including China. As a result, China is no longer the top trading partner of the US.

In addition, "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".

The announcement comes amid growing concerns about a global slowdown.

Investors took that as a sign of progress in trade negotiations, since a December implementation gives the two sides more than enough time to hammer out a wide-ranging trade deal to finally put their issues aside once and for all. 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. The USTR office plans to conduct an exclusion process for products subject to the additional tariff.



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