Connect with us

U.S. to Delay Some Tariffs on China

U.S. to Delay Some Tariffs on China


U.S. to Delay Some Tariffs on China


The Trump administration on Tuesday narrowed the list of Chinese products it plans to impose new tariffs on as of Sept. 1, delaying levies on cellphones, laptop computers, toys and other goods and announcing exclusions for other products for various reasons.

The United States trade representative’s office said that a new 10 percent tariff on roughly half the Chinese goods imported into the United States would still take effect on Sept. 1 as announced by President Trump.

But tariffs on consumer electronics, video game consoles, certain toys, computer monitors and some footwear and clothing items are being delayed until Dec. 15, giving retailers time to stockpile the products they need for the back-to-school and holiday shopping seasons.

The administration added that certain products were being removed from the tariff list “based on health, safety, national security and other factors.”

Stocks rallied on the news, with the S&P 500 climbing nearly 2 percent in morning trading. The benchmark index was lifted, in part, by stocks of retailers and computer chip producers, two industries that have been sensitive to indications that trade tensions were getting either better or worse.

Best Buy, which gets a many of the products it sells from China, was among the best-performing stocks in the S&P 500, up more than 8 percent in morning trading. The Nasdaq composite index rose more than 2 percent.

The adjustments to the threatened tariffs come as the Trump administration faces mounting pressure from businesses and consumer groups who say the continuing trade war with China is hurting them. Mr. Trump has been pressing Beijing since last year to make a trade deal that would, among other things, strengthen protections for American intellectual property, open Chinese markets to American business and result in China buying large quantities of American energy and agricultural goods.

But negotiators for the United States and China have made little progress since May, when progress stalled out over several issues. The stumbling blocks include whether Mr. Trump would roll back the 25 percent tariffs the administration has already imposed on roughly $250 billion of Chinese goods and whether Beijing would enshrine in law the reforms it has pledged to make.

Liu He, China’s vice premier and the country lead trade negotiator, spoke with Robert Lighthizer, the United States trade representative, and Steven Mnuchin, the Treasury secretary, on Tuesday, and the three agreed to speak again in two weeks, the state-run Xinhua News Agency reported.

On Tuesday, Mr. Trump criticized China for not making large purchases of American farm goods, suggesting that the tariffs might force them into action.

“As usual, China said they were going to be buying ‘big’ from our great American Farmers,” he wrote. “So far they have not done what they said. Maybe this will be different!”


Source link

Continue Reading
You may also like...
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


To Top