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US delays tariffs on some Chinese goods, drops others

13 August 2019

Stock markets cheered the development, with the Dow Jones Industrial Average jumping 500 points or nearly two per cent from Monday's close.

Since Trump's August 1 tweets threatening the new tariffs, the US benchmark S&P stock index has dropped more than 4 per cent per cent.

But in a tweet on Tuesday, Mr Trump hinted that he was expecting something in return, suggesting that China's failure to "buy big" from U.S. farmers could be about to change.

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In a sign the administration may be expecting something in return, Trump tweeted on Tuesday: "As usual, China said they were going to be buying "big" from our great American Farmers".

The administration also announced that certain products will be permanently removed from the tariff target list for reasons of health, safety and national security. "Maybe this will be different!" the president wrote.

The administration is still moving forward with 10% tariffs on much of the $300 billion of imports first disclosed in May, publishing a 122-page list of products that will face tariffs beginning September 1, including smartwatches.

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Wall Street's main indexes had initially opened lower, adding to a global slide in stocks due to geopolitical concerns, with a Labor Department report also showing the core consumer price index rose 2.2 per cent in the 12 months through July.

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. Since the iPhone is designed in the US but assembled in China, it is considered an import from that country and is subject to the tariffs. According to the statement, tariff exemptions will include a variety of consumer electronics such as laptop computers, monitors and game consoles as well as footwear and clothing items.

The USTR office plans to conduct an exclusion process for products subject to the additional tariff.

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US delays tariffs on some Chinese goods, drops others