US postpones tariffs on Chinese products

According to Reuters, US President Donald Trump has postponed the plan to impose a 10% tariff on the rest of Chinese imports, which would begin on September 1. Products include cell phones, laptops, and various other consumer goods such as clothing and shoes.

“We are doing this because of the Christmas season in case some of the tariffs have an impact on US customers,” Trump told reporters in New Jersey. “What we did was delay [the application of tariffs] so they are not relevant to the Christmas shopping season.”

The new fare will take effect on December 15th.

Market reaction

The measure was well received by the market. American stock exchanges were up more than 1.5%.

The US Chamber of Commerce praised the postponement of tariffs and said that “it is more important than ever that both sides return to the negotiating table and commit to achieving progress towards a comprehensive and enforceable agreement.”

Source: Reuters

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