Trump on Tariffs: 'Prices Not Up,' US 'Receiving a Gift from China'

Trump’s two great miscalculations – in one week 2

Trump’s two great miscalculations – in one week 2

However, the United States Trade Representative (USTR) said Tuesday that some electronic devices made in China are getting a delay and other items have been removed from the tariff lists altogether.

Technology investors welcomed news of the exemptions, pushing an index of chip stocks up 2.8%, while shares of Apple surged more than 5%.

That eased the fears of a recession driven by the protracted trade war that has dominated trading on Wall Street this year and spurred a bout of extreme volatility following President Donald Trump's announcement of a new round of tariffs on August 1.

In a sign the administration may be expecting something in return, Trump tweeted on Tuesday: "As usual, China said they were going to be buying "big" from our great American farmers". Most of the levies are scheduled to kick in September 1.

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 US shoppers buy from China en masse.

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The iPhone maker is highly correlated to trade issues with China, given the country is both a key part of its supply chain as well as a major source of revenue.

"Although clearly taken with the aim of furthering political objectives, the decision to postpone additional tariffs on China will be encouraging news for global markets - but may be too little, too late". In the first half of the year, Mexico was the top trading partner of the United States followed by Canada, as per media reports.

While trade talks between the U.S. and Chinese delegations are continuing, the two sides have failed to hammer out a deal that can put an end to the year-long trade row.

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". These products accounted for a combined $98 billion of Chinese imports in 2018, according to a Reuters analysis of US Census bureau data.

The tariff will now be delayed until December 15, and "USTR intends to conduct an exclusion process for products subject to the additional tariff", the office said.

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