Donald Trump CAVES on tariffs on Chinese goods putting them off for MONTHS so they do not send cost of Christmas shopping soaring amid fears they will end his economic boom
- The Trump administration announced Tuesday morning that is delaying tariffs on Chinese-manufactured goods like laptops and cell phones until Dec. 15
- Trump’s trade office says that certain products ‘will not face additional tariffs of 10 percent’ due to health, safety or national security concerns
- Some of the products it listed were cell phones, laptop computers, video game consoles, computer monitors, footwear and clothing
- USTR said it will post a list of items that are being excluded on its website
- It announced the postponement shortly after the the stock market opened, and the Dow jumped nearly 500 points within minutes of the news
- Donald Trump has not commented directly but hinted n a tweet that the action was intended to get China to move forward with large agricultural orders
The Trump administration announced Tuesday morning that is delaying tariffs on Chinese-manufactured goods like laptops and cell phones until Dec. 15, when price hikes from the penalties won’t drive up the price of popular Christmas presents.
Trump’s trade office says that certain products ‘will not face additional tariffs of 10 percent’ due to health, safety or national security concerns.
However, the categories of goods that are being protected suggest that Trump was concerned about the consumer pricing index and the billions of dollars in value of this month’s stock losses.
The U.S. trade office announced the postponement shortly after the the stock market opened in the United States, causing the Dow Jones Industrial Average jump nearly 500 points within minutes.
That excitement tempered off as the day wore on. The Dow leveled out at a 400-point rise that was close to 1,000 points off from where it was a month ago when it started to drop.
The Trump administration announced Tuesday morning that is delaying tariffs on Chinese-manufactured goods like laptops and cell phones until Dec. 15. Donald Trump is seen here at the White House the previous Friday
The Dow Jones Industrial Average jumped nearly 500 points within minutes of the statement
Donald Trump said he’d impose a 10 percent penalty on $300 billion in untaxed goods on Sept. 1, if China continued drag out trade talks.
U.S. negotiators say a deal was nearly finished, when Beijing backed away from major provisions.
A new round of talks was scheduled for September, however Trump drove down skittish markets with claims last week that the meetings could be cancelled.
On Tuesday morning, USTR announced it was loosening the noose on China, specifically on items in the tech and and clothing manufacturing industries.
‘Products in this group include, for example, cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing,’ according to a United States Trade Representative statement.
USTR said it will post a list of items that are being excluded on its website today.
The president continued to defend his position in a Tuesday morning in tweet that claimed consumers have not paid the price for the 25 percent tariffs on $250 billion of other Chinese items that he’s put in place.
Trump did not mention the policy shift in that tweet or one that he sent a half-hour after the the USTR announcement, however, he hinted that unfilled agricultural orders were part of the calculus.
He said of China’s retracted promises to purchase more American agricultural goods: ‘Maybe this will be different!’
Less than an hour prior, the president had been ripping China. He blasted Beijing for financial tinkering the U.S. has blasted as currency manipulation while promising American buyers that tariffs wouldn’t affect everyday product pricing.
‘Through massive devaluation of their currency and pumping vast sums of money into their system, the tens of billions of dollars that the U.S. is receiving is a gift from China. Prices not up, no inflation. Farmers getting more than China would be spending. Fake News won’t report!’ he said.