The US Trade Representative's (USTR) office today said that they have made a decision to delay additional 10% tariffs on a list of Chinese imports until December 15 ahead of the next round of face-to-face talks in September in Washington.
The Office of the US Trade Representative (USTR) said it was still planning 10% tariffs on about $300bn in Chinese imports, extending the import taxes on just about everything China ships to the US in a dispute over Beijing's aggressive trade policies.
Since Trump's August 1 tweets threatening the new tariffs, the USA benchmark S&P stock index has dropped more than 4 per cent per cent.
The exemptions, combined with renewed talks with China, suggest Trump may be willing to compromise.
"As usual, China said they were going to be buying "big" from our great American Farmers".
The Dow gained more than 400 points, or 1.7%, rising to 26,339 at 10:40 a.m. "Maybe this will be different!"
The Retail Industry Leaders Association said "removing some products from the list and delaying additional 10% tariffs on other products, such as toys, consumer electronics, apparel and footwear, until December 15 is welcomed news as it will mitigate some pain for consumers through the holiday season".
But the agency said it would delay tariffs to 15 December on some goods, including cellphones, laptops, video game consoles, some toys, computer monitors, shoes and clothing.
The administration also announced that certain products will be permanently removed from the tariff target list for reasons of health, safety and national security. Most of the levies are scheduled to kick in September 1.
The USTR's announcement comes amid growing concerns about a global economic slowdown. Since the iPhone is designed in the USA but assembled in China, it is considered an import from that country and is subject to the tariffs.
Financial markets have fully priced in a rate cut at the USA central bank's September meeting following a recent escalation in the bruising trade war between the United States and China.
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