President Trump’s ‘America First’ approach has relied on slapping tariffs on countries, such as China and Mexico, which have led to current trade wars. What is a tariff and how do they work? We explain. Just the FAQs, USA TODAY
The Trump administration is delaying new tariffs on some consumer products and removed other items from its September list of duties on Chinese goods, due to health, safety and national security concerns.
The Office of the U.S. Trade Representative said Tuesday it would wait until Dec. 15 to impose tariffs on products detailed in a 21-page list, including many items that are popular gift purchases during the holiday season such as cellphones, laptop computers, video game consoles, some toys, computer monitors, shoes and clothing.
Traders welcomed the news. Stocks rallied and investors fled safe-haven investments, encouraged that trade tensions between the two largest global economies weren’t escalating.
The U.S. still plans to enact 10% tariffs on about $300 billion in Chinese goods starting Sept. 1 that President Trump announced at the beginning of this month.
That list runs 122 pages and includes items that were not subject to earlier tariffs such as clothes, jewelry, linens, sunglasses, select motorcycles and mopeds, watches, guns and sports equipment.
Retail tourists? Why do we Chinese love coming to America? Shhh! It’s the shopping.
Markets on the move! Dow, stocks surge after US delays China tariffs on cellphones, video games computers
Trump believes that the threat tariffs will force China to open its market more to U.S.-produced items and make other concessions, such as buckling down on the theft of U.S. intellectual property.
But critics warn that the tariffs also hurt U.S. businesses and everyday Americans and could slow economic growth even to the point of recession.
American businesses are telling the Trump administration that an escalating trade war with China will hurt the U.S. economy. This comes as public hearings are being held to consider extending the 25% tariffs to practically all Chinese imports. (June 17) AP, AP
Read or Share this story: https://www.usatoday.com/story/money/2019/08/13/trump-delays-tariffs-duties-chinese-goods-postponed-until-december/1997200001/