The Trump administration is postponing some of its new tariffs on Chinese imports — a significant retreat in the trade war that has rattled financial markets on both sides of the Pacific.
The Office of the U.S. Trade Representative announced on Tuesday that 10-percent tariffs on Chinese imports set to take effect on cellphones, laptop computers, video game consoles, certain toys, computer monitors and some shoes and clothing will now be postponed until Dec. 15.
The delay could be calculated to avoid adding tariffs to popular consumer items during the busy back-to-school and holiday shopping seasons. The Office of the U.S. Trade Representative says the rest of the tariffs on Chinese imports scheduled to kick in on Sept. 1 will continue.
The administration also announced that certain products will be permanently removed from the tariff target list for reasons of health, safety and national security.
Frustrated with the slow pace of trade talks, President Trump had ordered tariffs on an additional $300 billion worth of Chinese imports earlier this month. The move heightened trade tensions and triggered a sharp selloff on Wall Street.
Investors welcomed news of the tariff delay. The Dow Jones Industrial Average was up nearly 500 points in early trading.
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