Trump Backs Down Again
The United States Trade Representative office said Tuesday that new tariffs on certain consumer items would be delayed until Dec. 15, while other products were being removed from the new China tariff list altogether. It cited health and security factors.
The duties had been set to go into effect on Sept. 1, so the announcement eased concerns about the holiday shopping season.
The USTR said the delay affects electronics including cellphones, laptops and video game consoles and some clothing products and shoes and “certain toys.”
Earlier this month, President Donald Trump announced a new round of 10% tariffs on $300 billion worth of Chinese imports that eluded duties.
Markets rallied on the news. The Dow Jones Industrial Average rose 400 points, while the S&P 500 was 1.5% higher and the Nasdaq rose 1.9%.