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U.S. Announces Delays In Some China Tariffs, Stock Market Soars




Traders work after the closing bell at the New York Stock Exchange (NYSE) on August 7, 2019 in New York City
Traders work after the closing bell at the New York Stock Exchange (NYSE) on August 7, 2019 in New York City
JOHANNES EISELE/AFP/Getty Images

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The United States is delaying tariffs on Chinese-made cell phones, laptop computers and other items and removing other Chinese imports from its target list altogether, triggering a rally in beleaguered U.S. markets.

The U.S. Trade Representative said Tuesday 10% tariffs on about $300 billion in Chinese imports will go forward, but tariffs on some goods will be delayed until Dec. 15. Those items include cell phones, laptop computers, video game consoles, some toys, computer monitors, shoes and clothing, meaning a delay in price increases as the country heads in the holiday shopping season. Major U.S. markets jumped more than a percent on the news. It’s unclear exactly why the delay is being put into effect, but the U.S. Trade Representative said the decision was part of its public comment process

We get the latest updates and to take a look at what the move means for U.S. markets.

With files from the Associated Press  

Guests:

Scott Horsley, NPR's Chief Economics Correspondent

Christopher Thornberg, founding partner of Beacon Economics, his focus includes economic forecasting, employment and labor markets and economic policy