US Delays Additional China Tariffs On Smartphones, Laptops And Monitors

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The delay could be calculated to avoid adding tariffs to popular consumer items during the busy back-to-school and holiday shopping seasons.

The agency said that imposing an additional tariff of 10 percent on approximately $300 billion of Chinese imports, due to take effect on September 1, will be delayed on certain articles.

A 4.2% jump in shares of Apple, which makes iPhones and MacBooks in China, along with a rise in chip stocks pushed the technology sector 2.24% higher.

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

The Office of the United States Trade Representative (USTR) earlier said in a statement that Washington will delay tariffs on Chinese products including cell phones, laptops and video games until 15 December.

"As usual, China said they were going to be buying "big" from our great American Farmers".

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 iPhone maker is highly correlated to trade issues with China, given the country is both a key part of its supply chain as well as a major source of revenue.

But the agency says it would delay the tariffs to December 15 on some goods, including cellphones, laptop computers, video game consoles, some toys, computer monitors, shoes and clothing.

Stocks shot higher on Wall Street after the US government announced it was delaying the implementation of tariffs on certain goods imported from China. In the first half of the year, Mexico was the top trading partner of the United States followed by Canada, as per media reports.

The announcement comes amid growing concerns about a global slowdown. These products accounted for a combined $98 billion of Chinese imports in 2018, according to a Reuters analysis of US Census bureau data. The USTR office plans to conduct an exclusion process for products subject to the additional tariff.

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