Trump delays some tariffs on Chinese imports


Trump tweeted. His comments come after his administration delayed a 10% tariff on certain Chinese imports, including technology products and clothing, until mid-December.

That eased the concerns of a trade war-driven slowdown in global growth that have dominated two weeks of volatile trading on Wall Street, since President Donald Trump announced a new round of tariffs on august 1.

Economic experts have warned that Trump's trade war with China poses a major threat to USA markets and could risk a recession next year, not to mention the additional costs to US consumers.

The broader S&P 500 was up by roughly the same amount in percentage terms, while the tech-heavy Nasdaq fared even better, up 185 points or 2.35 per cent to 8,050.

The Dow Jones Industrial Average was up almost 500 points in early trading. Goldman Sachs said on Sunday fears of the U.S.

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

The US and China are fighting over US allegations that Beijing steals trade secrets and forces foreign companies to hand over technology, as part of a drive to become a world leader in advanced technologies such as artificial intelligence and electric cars.

The rand recouped earlier losses to strengthen to just over 1% against the dollar in late trade on Tuesday, after the Trump administration announced it would delay imposing a 10% tariff on some Chinese products.

In addition to the tariff delay on some items, the USTR says other products will be completely exempt "based on health, safety, national security and other factors". Popular products on the list include smart watches made by Apple and Fitbit, smart speakers from Amazon and Apple and Alphabet's Google and Bluetooth connected devices. Since the latter is a tax that US companies pay, Apple could decide to eat the entire cost of the tax, pass it on to consumers in the form of higher prices, or pay some of the additional cost and have consumers pay the remainder.