WASHINGTON - US retailers and global financial markets got an early Christmas present Tuesday as President Donald Trump's administration announced it is delaying tariffs on key consumer electronic goods imported from China.
After 2 days of declines, global stock markets surged higher, especially electronics manufacturers like Apple, amid relief over the view there might be an agreement that would forestall the feared hit to a world economy already showing signs of strain. But the office of the US Trade Representative said Tuesday it is delaying until December 15 imposition of new 10 percent tariffs on Chinese-made cell phones, laptops, computer monitors, video game consoles and some toys, footwear and clothing.
In addition, USTR said "certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10 percent." The business group urged Trump to join forces with allies to deal with China's "unfair trade practices." US and Chinese negotiators met in Shanghai in late July for the first time since talks collapsed in May, and the sides were due to hold another round of meetings in Washington in September.
Source: Tech Daily Report (techdailyreport.net)
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