US delays tariffs on some Chinese goods, drops others
WASHINGTON (AP) — The United States is delaying tariffs on Chinese-made cellphones, laptop computers and other items and removing other Chinese imports from its target list altogether in a move that triggered a rally on Wall Street.
The Office of the U.S. Trade Representative said Tuesday that it is still planning to go ahead with 10% tariffs on about $300 billion in Chinese imports, extending the import taxes on just about everything China ships to the United States in a dispute over Beijing’s aggressive trade policies.
Most of the levies are scheduled to kick in September 1.
But under pressure from retailers and other businesses, the agency said it would delay the tariffs to December 15 on some goods, including cellphones, laptop computers, video game consoles, some toys, computer monitors, shoes and clothing.
The news sent the Dow Jones Industrial Average up more than 460 points in midmorning trading.
Shares of Apple, Mattel and shoe brand Steve Madden shot up on the news.