The US Trade Representative (USTR) Lighthizer crossed the wires in the last minutes, announcing that additional tariffs on some Chinese imports, including cell phone and laptop computers, will be delayed until December 15.
With the initial market reaction, major equity indexes in the US gained traction with the Nasdaq Composite nearly gaining 2% as of writing and the S&P 500 adding 1.3%.
Below are some key quotes from the USTR, pre Reuters.
“Some products are being removed from China tariff list based on health, safety, national security and other factors; will not face additional tariffs of 10%.”
“It intends to conduct an exclusion process for products subject to the additional tariff.”
“Other products for which tariffs are delayed are video game consoles, certain toys, computer monitors, and certain items of footwear and clothing.”
“Will publish on its website today and in the federal register as soon as possible more details, lists of the tariff lines affected.”
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