ADDS TRUMP QUOTES IN GRAFS 5-6; DOW FIGURE IN GRAF 7
By Michael Hernandez
WASHINGTON (AA) - Some of the 10% tariffs U.S. President Donald Trump said would be imposed on $300 billion worth of Chinese goods will be delayed until Dec. 15, the U.S. Trade Representative announced Tuesday.
The office did not specify why the delay was taking place other than citing its "public comment and hearing process." Items that will be affected include cell phones, laptops, video game consoles, certain toys, computer monitors, and some footwear and clothing items.
Other items, however, will continue to face the 10% tariff Trump vowed in early August. It is not clear how much of the original $300 billion worth of Chinese imports would continue to be affected.
Certain unspecified items are bring removed from the tariffs list altogether "based on health, safety, national security and other factors and will not face additional tariffs of 10 percent," the trade representative said.
Trump said he made the decision to temper the penalties due to a "very good talk yesterday with China,” which he called "productive."
"I think they'd like to do something dramatic," he told reporters in New Jersey. "They really would like to make a deal."
The Dow jumped more than 400 points following the announcement as the Nasdaq hiked nearly 200 points.
The ongoing trade war between the world's top two has sent shockwaves through global markets.
The tariffs that are set to go into effect next month and then in December are on top of some $250 billion worth of Chinese imports Trump already put a 25% rate on.