The Trump Administration announced on Tuesday that it will delay imposing tariffs on Chinese-made laptop computers, mobile phones, video game consoles and certain clothing until December 15. President Trump had previously said these tariffs would kick in by September 1st.
The Office of the U.S. Trade Representative said that a 10% tariff will still take effect in September on some goods, which have not been identified. The Associated Press reports that the agency is “removing other items from the list based ‘on health, safety, national security and other factors.’”
Various companies had been petitioning the White House for some time to exempt items that they import from these new tariffs.
From The Washington Post:
“The announcement…likely ensures that Apple products and other major consumer goods would be shielded from the import tax until at least December, potentially keeping costs on these products down during the holiday shopping season.
“Many businesses had worried that higher tariffs on consumer goods ahead of the Christmas shopping season could severely damage the economy at a time when some are warning that the risk of a recession next year has increased.“
The stock market reacted accordingly. The Dow Jones industrial average rose nearly 500 points and the stocks of Apple, Best Buy, Mattel and Macy’s also rallied.