Trump Administration Delays Tariffs on Some Chinese Imports, Including Footwear

US President Donald Trump and Chinese President Xi Jinping attending a bilateral meeting on the sidelines of the G20 Summit in Osaka

Equity, debt and FX markets sharply reversed course minutes after Wall Street opened for trade on news from Hong Kong about a call Chinese Vice Premier Liu He held with USA officials, China's Ministry of Commerce said in a statement.

The United States is delaying tariffs on Chinese-made cellphones, laptop computers and other items and removing other Chinese imports from its target list altogether in a move that triggered a rally on Wall Street.

President Donald Trump's trade office announced Tuesday that a sizable portion of the proposed new tariffs on $300 billion of Chinese imports would be delayed until December 15, backing down from Trump's threat to apply the 10% penalty on September 1.

The USTR will also delay tariffs on cell phones, laptops, computer monitors, video game consoles, and "certain items of footwear and clothing" until December 15.

With the September 1 deadline, there wasn't time for retailers to speed up ordering for the holiday season because it often takes more than four weeks for inventory to come from China, Goyal said.

The retail industry, which had lobbied for exemptions, said they were pleased with the move.

If video game console prices end up increasing due to the proposed tariffs, console manufacturers might have to take production outside of China to ensure consumers aren't negatively impacted.

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The USTR's announcement comes amid growing concerns about a global economic slowdown.

The USTR's announcement was released minutes after China's Ministry of Commerce said Vice Premier Liu He had conducted a phone call with US trade officials. "What we really need is an effective strategy to address China's unfair trade practices by working with our allies instead of using unilateral tariffs that cost American jobs and hurt consumers".

And make no mistake, an escalating conflict would badly damage the economy, even if Trump occasionally tweets his view that his tariff policy is somehow boosting growth. Goldman Sachs said on Sunday fears of the U.S.

Still, the president's heavy rhetoric and abrupt announcements of tariffs as a tactic to pressure the Chinese have shaken financial markets and created a lot of uncertainty among USA businesses and for the global economy.

The delay in the tariffs that had been scheduled to start next month provides some relief to retailers.

Despite the exchanges between the US and Chinese negotiators, the prospects for negotiations remain dim.

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