United States to delay China tariffs on some products, including laptops, cell phones

United States to delay China tariffs on some products, including laptops, cell phones

Farmers getting more than China would be spending.

The U.S. will not impose an additional 10 percent tariff on products from China including smartphones, laptops and monitors in September, delaying the tariffs until at least December 15, the U.S. government trade representative announced Tuesday.

Wall Street snapped a two-day losing streak - and sent shares of Apple soaring - after the U.S. said it will delay imposing tariffs on certain items that were supposed to take effect on September 1. Beijing also halted USA agricultural purchases, inflaming a trade war that has roiled financial markets, disrupted supply chains and slowed global growth.

A 4.2% jump in shares of Apple, which makes iPhones and MacBooks in China, along with a rise in chip stocks pushed the technology sector 2.24% higher.

Karl Schamotta, market strategist at Cambridge Global Payments says the move is clearly designed "to alleviate pressure on American consumers as they head into a critical holiday-punctuated election season".

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"The escalation of the U.S. China trade war has been an overhang. and the fact that we have got a bit of a reprieve on that is putting a bit of optimism into markets", said Art Hogan, chief market strategist at National Securities in NY.

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. In the first half of the year, Mexico was the top trading partner of the United States followed by Canada, as per media reports.

A separate group of goods will be altogether exempt "based on health, safety, national security and other factors", it continued.

The announcement comes amid growing concerns about a global slowdown. He also personally criticized Chinese President Xi Jinping for failing to do more to stem sales of the synthetic opioid fentanyl amid an opioid overdosing crisis in the United States.

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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