Trump retreats again, delays many China tariffs until December

Trump retreats again, delays many China tariffs until December

Trump retreats again, delays many China tariffs until December

The top U.S. trade negotiator on Tuesday said that new tariffs on $300 billion in Chinese-made consumer goods including cell phones, toys and video game consoles would be delayed until December 15.

The rand recouped earlier losses to strengthen to just over 1% against the dollar in late trade on Tuesday, after the Trump administration announced it would delay imposing a 10% tariff on some Chinese products.

The additional 10% tariff on some $300bn worth of Chinese imports was set to be implemented on September 1.

The surprise news from the United States Trade Representative office sparked a 5% jump in Apple shares.

Earlier on Tuesday, China's chief trade negotiators, Vice Premier Liu He and Commerce Minister Zhong Shan, spoke to their U.S. counterparts, Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer.

Additional details and lists of the specific product types affected by the announcement are due to be published by USTR later.

Together, the developments revived optimism that the world's two biggest economies can make progress toward resolving a trade dispute that has rattled financial markets for more than a year and clouded prospects for the global economy.

The US and China are fighting over US allegations that Beijing steals trade secrets and forces foreign companies to hand over technology, as part of a drive to become a world leader in advanced technologies such as artificial intelligence and electric cars.

"As usual, China said they were going to be buying "big" from our great American Farmers. Maybe this will be different!" the president wrote. As of writing, the Dow Jones Industrial Average and the S&P 500 were both up 1.6% on the day while the Nasdaq Composite was adding 2.5%.

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