United States to delay China tariffs on some products, including laptops, cell phones

Trump Is Making Xi’s Superpower 2050 Plan Tougher by the Day

Stock markets surged Tuesday after US trade authorities scaled back plans to put another 10 per cent tariff on Chinese goods starting next month, and have chose to temporarily exclude things like computers, game consoles, some toys and clothes from the punitive measure.

Speaking to reporters in New Jersey, Trump confirmed that he had chose to delay the tariffs, which could force retailers to raise prices, to avoid the economic pain that could result during the holiday period.

President Trump may have just saved Christmas, but he also undercut his trade war with China.

The United States is delaying until Dec 15 imposition of new 10 per cent tariffs on Chinese electronics, including laptops and cell phones, but going ahead with new duties starting Sept 1 on US$300 billion (S$415 billion) in Chinese goods, the Office of the US Trade Representative (USTR) said on Tuesday (Aug 13).

The USTR mentioned that tariffs on some products would be waived "based on health, safety, national security, and other factors". It's possible China has chose to bear the pain of Trump's trade war for the next 15 months and hope Trump loses the 2020 election.

Trump went on to say the USA has collected close to $59 billion in tariffs thus far from China, which he called "amazing".

The duties had been set to go into effect on September 1, so the announcement eased concerns about the holiday shopping season.

Karl Schamotta, market strategist at Cambridge Global Payments says the move is clearly designed "to alleviate pressure on American consumers as they head into a critical holiday-punctuated election season".

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The 10% tariff will still land September 1 on other consumer imports from China, including some clothing, footwear, and toys.

The announcement comes amid growing concerns about a global slowdown.

The delay seemed timed to cushion the impact of tariffs on consumer goods until after the holidays.

The announcement came minutes after China's ministry of commerce said that the vice-premier Liu He had held a phone call with USA trade officials.

And make no mistake, an escalating conflict would badly damage the economy, even if Trump occasionally tweets his view that his tariff policy is somehow boosting growth.

On Sunday, economists at Goldman Sachs downgraded their economic forecasts, citing the impending tariffs on consumer goods.

For some analysts, that data spoke against the U.S. Federal Reserve delivering another swift cut in interest rates. "Still, continued uncertainty for US businesses and consumers is a drag on the economy".

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