Global stock markets rally as Trump delays tariffs on some Chinese imports

Global stock markets rally as Trump delays tariffs on some Chinese imports

Two weeks ago, President Donald Trump, unsatisfied with the progress of trade talks, announced a 10 percent tariff on $300 billion of Chinese imports to begin on September 1, saying the regime did not deliver on its pledges to buy us agricultural products and stem the flow of fentanyl to the United States.

Trump announced the new tariffs this month, after which China halted purchases of agricultural goods and allowed the yuan to weaken.

The dispute between the world's two biggest economies has rattled financial markets for more than a year and clouded the global economy.

This off-the-cuff remark by the president reflects the idea that the USA can't be expected to solve all the world's problems, a view sometimes summarized as America First.

While dumping US Treasuries is clearly a "nuclear option" against the trade war rival, the move could also backfire on China. So far they have not done what they said.

"We've taken in close to $60 billion in tariff money".

Trump on Tuesday said he delayed the tariffs to shield Christmas sales from the tariffs.

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Navarro, in an interview with Fox Business on August 14, said the three month delay on certain Chinese goods came after hearing feedback from American businesses and stakeholders impacted by the move.

The delay was the first sign of acknowledgment from Mr. Trump that China may not absorb the full costs of his escalating tariffs. "The two sides agreed to hold another phone conversation in two weeks".

The U.S. Trade Representative's Office on August 13 published a notice delaying the imposition of a 10 percent import tariff on a range of consumer goods, including laptops, cell phones, and video game consoles.

"These negotiations will happen behind closed doors", Navarro said. "People just need to be patient".

"September, the meeting is still on as I understand it, but I think more importantly than September, we're talking by phone, and we're having very productive talks", Trump said.

Earlier this month, the U.S. accused China of being a currency manipulator. A date has not been set for another round of face-to-face discussions, Ross said. China shipped US$3.1 billion worth of farm goods to America in the first half of this year, while it purchased US$5.6 billion of U.S. agricultural items over the same period, according to Chinese customs data. "I doubt Chinese side will resume large-scale purchase of United States farm products under current circumstances", Hu tweeted.

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