Economy

United States will delay tariff hike on Chinese-made cell phones, toys

United States will delay tariff hike on Chinese-made cell phones, toys”

The top USA trade negotiator on Tuesday said that new tariffs on $300 billion in Chinese-made consumer goods including cell phones, toys and video game consoles would be delayed until December 15.

USA stocks surged nearly 2 per cent on Tuesday as the Trump administration said it would delay 10 per cent tariffs on some Chinese products, including laptops and cell phones, driving a 5 per cent surge in shares in iPhone maker Apple Inc.

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 action was published minutes after China's ministry of commerce said vice-premier Liu He conducted a call with US officials. Shares of Apple, Mattel and shoe brand Steve Madden shot up.

More news: Manchester United target spotted at Bayern Munich for medical ahead of transfer

Trade-sensitive technology shares post strong gains in early trade.

However, some consumer electronics items spared from previous United States tariffs on Chinese goods, including smart watches, fitness trackers, smart speakers and Bluetooth headphones, were not given a reprieve.

Together, the developments revived optimism that the world's two biggest economies can make progress toward resolving a trade dispute that has rattled financial markets for more than a year and clouded prospects for the global economy.

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. The move would likely come as a relief during the holiday shopping season, as economists say the cost of the US tariffs are passed on to American businesses and consumers. "Maybe this will be different!" the president wrote.

The Dow gained more than 400 points, or 1.7%, rising to 26,339 at 10:40 a.m. The Nasdaq was up 165.16 points, or 2.10%, at 8,028.57.



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