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US to delay new tariffs on Chinese electronics until December 15; Wall Street stocks jump

File photo. Photograph:( AFP )

AFP Washington Aug 13, 2019, 07.44 PM (IST)

The United States is delaying until December 15 imposition of new 10 per cent tariffs on Chinese electronics, but going ahead with new duties starting September 1 on $300 billion in Chinese goods, the government announced Tuesday.

The delay will impact cell phones, laptops, computer monitors, video game consoles and some toys, footwear and clothing, the US trade representative said in a statement.

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A separate group of products will also be exempt altogether "based on health, safety, national security and other factors," it added.

As Washington and Beijing work to resolve the escalating trade war, USTR Robert Lighthizer spoke with Chinese trade officials early Tuesday and has another call planned in two weeks, a USTR official said.

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Equity markets on both sides of the Atlantic rose strongly on Tuesday, reversing an earlier weak trend, after US President Donald Trump delayed some new tariffs on Chinese goods.

Around 1400 GMT on Wall Street, the DJIA index was up 1.6 per cent and the tech-heavy Nasdaq more than two per cent, with European indices also rallying after the US said it would delay new tariffs on electronics from China to December 15.

Story highlights

The delay impacts cell phones, laptops, computer monitors, video game consoles and some toys, footwear and clothing