Member-supported news for Southern California
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations
Support for KPCC comes from:

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. - Wall Street stocks finished little changed on August 7, 2019, following a choppy session as a plunge in treasury bond yields early in the day underscored worries about a weakening global economy. (Photo by Johannes EISELE / AFP)        (Photo credit should read JOHANNES EISELE/AFP/Getty Images)
JOHANNES EISELE/AFP/Getty Images
Traders work after the closing bell at the New York Stock Exchange (NYSE) on August 7, 2019 in New York City

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 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

Stay Connected