U.S. delays tariffs on cellphones, laptops and toys from China

US delays tariffs on cellphones, laptops and toys from China

The U.S. Trade Representative's Office action was published just minutes after China's Ministry of Commerce said Vice Premier Liu He conducted a phone call with U.S. trade officials.

"But in a statement the US Trade Representative's office said that "[.] 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%".

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.

USTR is still moving forward with tariffs on September 1 on many products such as live animals, dairy products, skis, golf balls, contact lenses, motorcycle engines, lithium ion batteries, snowblowers and various types of steel. But the agency said it would delay tariffs to 15 December on some goods, including cellphones, laptops, video game consoles, some toys, computer monitors, shoes and clothing.

The two sides were due to hold another round of meetings in Washington in September, but the deterioration in relations in the past two weeks cast doubt on whether the talks would take place.

More news: Ebola survivors reunited with family in DR Congo

On Tuesday, technology investors welcomed news of the exemptions, pushing an index of chip stocks up 3.1%, while shares of Apple (AAPL.O) surged more than 5% and the Dow Jones Industrial Average rose more than 500 points.

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

Previous tariffs were very targeted on some sectors, but the latest tariff move would have hiked prices on a wide variety of cheap consumer goods that US shoppers buy from China en masse.

As news of the tariff delay broke, Donald Trump used Twitter to complain that China had not followed through with expected large purchases of USA agricultural products. So far they have not done what they said.

Stock markets cheered the development, with the Dow Jones Industrial Average jumping 500 points or nearly two per cent from Monday's close. The Nasdaq was up 165.16 points, or 2.10%, at 8,028.57.

Related News:



Most liked

Perseid meteor shower 2019 peaks tonight: Best times, places to watch; livestream
What is the Perseid meteor shower? NASA recommends you best "stay up late or wake up early" on the nights of August 11, 12 and 13. The Perseids will be limited this year, however, by moonlight , which will effectively block viewing of numerous fainter meteors.

Nike is now peddling a shoe subscription service
"But now, a solution: Nike Adventure Club , Nike's first footwear subscription service for children". The options will cost either $20, $30, or $50 per month, respectively.

Iran Navy Chief: Zionist presence in Persian Gulf may trigger war
Iraq has rejected as "unacceptable" any Israeli participation in a naval force sought by the U.S. in Strait of Hormuz. Katz said Israel's participation would help to contain the Iranian threat as well as boost ties in the Gulf region.

Changes To Environmental Species Act Could Impact Regional Wildlife
This disregards the cumulative "death-by-a-thousand-cuts" process that is the most common way wildlife declines toward extinction. The new rules will limit wildlife agencies' ability to designate critical habitat in unoccupied areas needed for recovery.

Olivia Colman, Tobias Menzies to Star in 'The Crown' Season 3
Netflix dropped the first teaser for the show's third season this morning, and admittedly, there's not a lot to go on. Prince Charles and Princess Anne will also grow older with Josh O'Connor and Erin Doherty filling in those roles.

Italy parties meet as Salvini's election bid meets resistance
However, it was not all sunshine for Salvini in Policoro, one of the southern areas where M5S did well in last year's general election.

Teenage Fortnite World Champion "Swatted" On Stream
Last month, 16-year-old Kyle Giersdorf won $3 million when he was crowned champion of the Fortnite World Cup in NY . Kyle streams daily to his audience of over 640,000 followers, so being swatted at this level is kinda insane .

Fire At Pennsylvania Daycare In US Kills Five Children
A woman, Elaine Harris, is reported to have also been taken out of the fire and sent to hospital. The children killed in a deadly blaze were aged from 8 months to 8 years, according to reports .

£100,000 donated to search for Nora Quoirin
The reward of 50,000 Malaysian ringgit - approximately €10,600 - was donated by an anonymous Belfast business, Nora's family said. In a video broadcast on local media, she added: "We want to say thank you to each and every one of you".

Happy Birth Anniversary To The Legend, Sridevi
For her first death anniversary, Boney Kapoor and daughters Khushi and Janhvi held a puja in the loving memory of Sridevi . It has nearly been a year and a half since Sridevi passed away but she yet continues to live in the hearts of her fans.

Canada cable vehicle cord severed in likely act of vandalism, say police
On Saturday, nearly all of the 30 gondola cars that were attached to the cable came crashing to the ground , staff told CBC News . After passengers take the 10-minute ride up 885 metres above sea level, they can go on hikes or eat at one of the food outlets.

National Basketball Association releases 2019-20 schedule, doubleheaders to tip off earlier
Kemba Walker will return to Charlotte as a Celtic on November 7, and we'll have our first look at Terry Rozier as a Hornet. The most hard matchup of the month figures to be the Clippers' road game against the Philadelphia 76ers on February 11.

Jennifer Aniston & Reese Witherspoon's 'Morning Show' Gets First Look Teaser
Actors Steve Carell , Reese Witherspoon and Jennifer Aniston speak during an event launching Apple tv at Apple headquarters on March 25, 2019, in Cupertino, California.

Williams retires because of injury as Andreescu wins Rogers
Serena Williams had a rough weekend on the tennis court-but in true Serena fashion, she's not letting it keep her down for long. Williams' retirement was the last of several high-profile injuries at this year's Rogers Cup .

Russian communications watchdog seeks to ban illegal rallies ads on YouTube
Details about Moscow's potential action against Google should it refuse to back down has yet to be disclosed. The protests were livestreamed on YouTube; organizers claimed that some videos attracted 50,000 viewers.