US President Donald Trump and Chinese President Xi Jinping attending a bilateral meeting on the sidelines of the G20 Summit in Osaka
Stock markets surged Tuesday after US trade authorities scaled back plans to put another 10 per cent tariff on Chinese goods starting next month, and have chose to temporarily exclude things like computers, game consoles, some toys and clothes from the punitive measure.
Major indexes rose sharply Tuesday after the US government said it would hold off on tariffs of Chinese imports of mobile phones, toys and several other items on holiday shopping lists until December 15.
The delay in the tariffs that had been scheduled to start next month provides some relief to retailers.
And Trump accused Beijing of continuing to renege on its commitment to buy USA agricultural goods.
China retaliated by ordering a halt to purchases of American agricultural products.
Lighthizer's office in a recently published statement announced that additional tariffs on some Chinese imports, including cell phone and laptop computers, will be delayed until December 15.
Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., August 12, 2019.
Apple was not the only company to spike off the news, with the Philadelphia Semiconductor Index jumping as much as 2.6% in morning trading. Goldman Sachs said on Sunday fears of the US-China trade war leading to a recession are increasing and that Goldman no longer expects a trade deal between the world's two largest economies before the 2020 US presidential election.
USTR is still moving forward with tariffs on September 1 on many products such as live animals, dairy products, skis, golf balls, contact lenses, motorcycle engines, lithium ion batteries, snowblowers and various types of steel.
However, according to the Wall Street Journal, "for every dollar brought in by the new tariffs, a dollar has been authorized to fund rescue programs for farmers who have been harmed by retaliation from China and other countries".
In addition to the tariff delay on some items, the USTR says other products will be completely exempt "based on health, safety, national security and other factors".
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