A China Railway Express Co. Ltd. shipping container is lifted at a freight station of Chongqing-Xinjiang-Europe International Railway on July 8, 2019 in Chongqing, China. | Deng Liangkui/VCG via Getty Images
Get your toys and video games before the holidays!
Two weeks ago, President Donald Trump vowed to impose tariffs on pretty much every single product China sells in the United States. But on Tuesday, his administration reversed course by delaying penalties on some of the more high-profile products — essentially calling a temporary and minimal ceasefire in the years-long US-China trade war.
Washington had planned to place a 10 percent tax on $300 billion in Chinese goods starting September 1, including toys, clothing, shoes, and consumer electronics like iPhones. That would’ve added to the 25 percent tariffs on $250 billion worth of other Chinese products Trump announced in May. Together, that would put US restrictions on nearly all of Beijing’s exports to America.
That plan was just scrapped, according to the US Trade Representative, the office that leads America’s side of the trade negotiations with China. “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 office said in a statement, adding that products like cell phones, laptops, and even sneakers won’t face any penalties for now. Those tariffs will now be delayed until December 15.
The news boosted US stocks, particularly in the industries exempted until the end of the year. The S&P 500, one of the best indicators of the stock market’s overall health, rose 2 percent in just the first hour after the announcement. Best Buy, the electronics store that imports many of its products from China, went up 8 percent on its …read more
Source:: Vox – All