Categories: USA

China receives import tariff delay by Trump administration

Health, safety, national security and other factors have delayed the imposed tariffs on Chinese imports by the US until 15 December. There are several products which are considered in this tariff delay including mobile phones, laptops, computer monitors, and video game consoles. The products also include some toys, certain footwear, and clothing as well.

The share price has been sparked after the release of the surprise news. The other items will continue facing 10% tariff as planned on September 1. The delay is an effort to avoid hitting US shoppers this Christmas, according to Donald Trump’s statement. Liu He, the Vice Premier of Ministry of Commerce of China, made a phone call to the trade officials of the US. The office of the United States Trade Representatives announced the tariff delay after a few minutes of the phone call.

The investors in the field of technology welcomed the news of tax exemptions. The index of chip stocks rose 2.8%. General Electric rose by 4.4% and rise was seen in the retailers and industrial shares. The global trade stocks of the UK also rose after the announcement of the current tax exemptions by the US trade representatives.

Donald Trump said on August 1 that he will impose an additional 10% tariff on the Chinese goods having worth of $300 billion. He also blamed China of not following the promise of buying more agricultural goods from the US. Donald Trump also criticized Xi Jinping, the president of China, for failing to do more to stem the synthetic opioid fentanyl sales.

Trump tweeted on August 13, “As usual, China said they were going to buy big from our great American Farmers. So far they have not done what they said.” The USTR’s office made the current announcement due to the concerns of the global economic slowdown. The trade war is not over between the US and China, some experts said. They said that the delay did not mean the trade war was over. The current relations of the US and China have made the meeting, planned in September, doubtful.

Adyson Sipes

Staff writer for the Chicago Morning Star

Recent Posts

Senate Democrats mock Biden for selling weapons to Israel

Some of President Biden's strongest Senate allies are calling on Israelis to end months of fierce fighting and criticizing the…

11 months ago

The biggest cities in Ukraine are struck by Russian missiles, leaving at least 4 dead and over 100 injured

Ukraine's KYIV — At least four people were killed and nearly 100 injured when Russian hypersonic ballistic missiles attacked Ukraine's…

11 months ago

Good News That’s Much Needed for Biden

The economy is making Americans feel a little more upbeat, especially when it comes to jobs and incomes, which could…

12 months ago

College Ventilation System Reveals Missing Man

The discovery of a decaying body inside a college ventilation system marked the tragic and unexplained end to a missing…

12 months ago

Following three Palestinian shots, a Vermont man was arrested

Following the shooting deaths of three 20-year-old Palestinian-American students in Vermont, authorities have detained a man. According to a news…

12 months ago

China is told to cease “COVID deception” due to the pneumonia outbreak by the US envoy

The United States ambassador to Japan, Rahm Emanuel, urged Chinese authorities "to abandon COVID deception" and demanded that China be…

12 months ago

This website uses cookies.