The United States is delaying a new 10% tariff on some key Chinese imports which was supposed to take effect Sept. 1.
The Office of the U.S. Trade Representative said the levies on laptop computers and computer monitors, cellphones, video game consoles, some toys, shoes and clothing will be put off until Dec. 15. The postponement could help U.S. consumers, who often buy such items as Christmas presents.
"What we've done is, we've delayed it so they won’t be relevant in the Christmas shopping season just in case they might have an impact on people," President Donald Trump said Tuesday.
The U.S is also exempting tariffs altogether on a separate group of Chinese imports "based on health, safety, national security and other factors."
But the new tariff will still be imposed on a wide range of other Chinese goods, the U.S. trade office said, with the list of affected products to be announced soon.
After days of losses, U.S. stock indexes surged on news of the tariff rollbacks. Markets in New York jumped 1.5% or more.
Trump contended Tuesday that tariffs he has already imposed on hundreds of billions of dollars of Chinese goods are benefiting the U.S. Treasury. He said the tariffs are not hurting U.S. consumers or farmers whose produce China has stopped buying.
Over a two-year period, Trump has sent or promised to pay U.S. farmers more than $26 billion in government aid to compensate them for losses they have sustained since China stopped buying American grains and other products.
Despite Trump's claim, it is U.S. importers who pay tariffs, not exporters like China, and the American corporations often include the cost of the levies in the price of the goods they sell to other businesses and consumers.
Source : VOA