Trump Rescinds Chinese Tariff Threat
CBJ — Stock markets surged after U.S. trade authorities scaled back plans to put another 10% tariff on Chinese goods starting next month, and have decided to temporarily exclude things like computers, game consoles, some toys and clothes from the punitive measure.
The United States Trade Representative (USTR) said it has removed a number of items from the list of products that will be subject to a 10% tariff as of September 1, while delaying the implementation of the tariff on others.
Tariffs on affected items won’t be implemented until mid-December. Not all technology products got the reprieve, however. Smart watches, fitness trackers, smart speakers, Bluetooth headphones and other portable devices will still be hit.
The tariffs have been overhanging the world’s economy since August 1 when U.S. President Donald Trump tweeted he wanted to put another 10% tariff on another $300 billion US worth of Chinese imports. Previous tariffs were very targeted on some sectors, but the latest tariff move would have hiked prices on a wide variety of cheap consumer goods that U.S. shoppers buy from China en masse.
In addition to the tariff delay on some items, the USTR says other products will be completely exempt “based on health, safety, national security and other factors.”