Monday, 19 August, 2019

USA delays tariffs on cellphones, laptops and toys from China

Traders have been spooked after Donald Trump said the US was Traders have been spooked after Donald Trump said the US was"not ready to make a trade deal with China
Russell Knight | 13 August, 2019, 19:33

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.

The products include mobile phones, laptops, video game consoles, some toys, computer monitors, and certain footwear and clothing.

The surprise news from the United States Trade Representative office sparked a 5% jump in Apple shares.

US 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. The Office of the U.S. Trade Representative says the rest of the tariffs on Chinese imports scheduled to kick in on September 1 will continue. It said talks with trade representative Robert Lighthizer and treasury secretary Steven Mnuchin would occur again in two weeks' time.

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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.

The U.S. and China are fighting over American allegations that Beijing steals trade secrets and forces foreign companies to hand over technology.

"Trade talks are continuing, and during the talks the US will start, on September 1st, putting a small additional tariff of 10% on the remaining 300 billion dollars of products coming from China into our country", he tweeted at the time. "Maybe this will be different!", Trump tweeted. As of writing, the Dow Jones Industrial Average and the S&P 500 were both up 1.6% on the day while the Nasdaq Composite was adding 2.5%.

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