Trump Delays Some China Tariffs in Pre-Holiday Move
U.S. stocks rallied yesterday after the White House announced it would delay new tariffs on around $156 billion worth of Chinese goods. Originally scheduled to take effect next month, 10 percent taxes on imports like mobile phones, laptops and toys would wait until Dec. 15. “We’re doing this for Christmas season,” President Trump told reporters. The Dow Jones Industrial Average closed up 1.44 percent on the news.
Is the trade war coming to an end? That’s unlikely, since tariffs on some $107 billion worth of Chinese imports will still go into effect Sept. 1, and at least one senior U.S. official said Washington wasn’t extending an olive branch toward Beijing.