United States government delays tariffs on phones, laptops and video game consoles

13 Août, 2019, 19:34 | Auteur: Auguste Feret

In a statement, the administration also excluded video game consoles and certain items of footwear and clothing from the 10% rate, which had been scheduled to start next month, an abrupt pull-back from its hardline stance on trade.

The United States is delaying until December 15 imposition of new 10 percent tariffs on Chinese electronics, but going ahead with new duties starting September 1 on $300 billion in Chinese goods, the government announced Tuesday.

The Journal also notes that the USA already collected about $30 billion per year from pre-existing tariffs on goods made in various countries, including China.

President Donald Trump said on August 1 he would impose a 10% tariff on $300 billion of Chinese goods, blaming China for not following through on promises to buy more American agricultural products. The Philadelphia chip index.SOX rose 3.16%.

Financial markets have fully priced in a rate cut at the USA central bank's September meeting following a recent escalation in the bruising trade war between the United States and China.

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Stocks tore higher on Wall Street after the latest turn in the U.S.

For some analysts, that data spoke against the U.S. Federal Reserve delivering aggressive further cuts in interest rates, expectations of which have been an important pillar propping up sentiment since June. Around an hour after the opening bell on Wall Street, the Dow Jones Industrial Average was up 1.76 percent, adding 456.25 points.

USTR is still moving forward with tariffs on September 1 on many products such as live animals, dairy products, skis, golf balls, contact lenses, motorcycle engines, lithium ion batteries, snowblowers and various types of steel.

Meanwhile, shares in HP Inc. were up 2.65 percent to $19.44, while Microsoft's stock price was up 1.38 percent to $137.66 and Intel's stock price rose 2.46 percent to $46.72.

Only the defensive real estate and utilities sectors posted small losses. The Nasdaq jumped 2%.

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