Mubasher: The US would postpone the implementation of a 10% tariff on specific Chinese imports, including laptops and smartphones, the US Trade Representative said on Tuesday.
Products subject to tariffs that would be delayed until 15 December comprise “computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing,” a statement by the Trade Representative’s office was quoted by Reuters.
It is worth noting that President Donald Trump announced at the start of this month he would slap $300 billion of Chinese goods with a 10% duty, saying that China did not deliver on its commitment to purchase more US farm products.
Another slew of imports would be exempted “based on health, safety national security […] factors,” among other considerations, the Trade Representative said.
The Office would release additional details and lists of the certain product categories covered by the announcement, while an exclusion process for products subject to the additional tariff.
The decision on the tariff, which was set to come into effect on 1 September, came after China’s Vice Premier Liu He had a phone call with the US trade officials.
News of the exemptions were hailed by tech investors, sending an index of chipmakers’ stocks to surge by 2.8%, while Apple’s shares soared by more than 5%.