Christmas can go ahead: Trump delays latest Chinese electronics tariffs

Alonzo Simpson
August 19, 2019

The US Trade Representative (USTR) office last night announced that it it would not implement a 10% tariff on products include mobile phones, laptops, game consoles, some toys, computer monitors, and certain clothing.

Trump dismissed investors' worries Thursday.

Among these are Chinese-made smartwatches from Apple and Fitbit, smart speakers from Amazon, Google and Apple, and Bluetooth headphones and other devices, according to the report.

A survey conducted by academics at Iowa State University of farmers in Iowa, Illinois and Minnesota found that 57 percent somewhat or strongly support tariffs on Chinese goods, according to NBC News.

Trump, snubbed for an Oscar for so many of his roles, told reporters that it was to stop the American public from being stung in the wallet during the festive season, suggesting he has a desire to make his next role The Gimp That Saved Christmas.

China's threat to impose countermeasures further sent global stocks sprawling on Thursday with oil also deepening its slide over recession fears, although U.S. stocks opened higher on Thursday amid strong retail sales data.

China's Customs Tariff Commission of the State Council said in an online post the government feels "severely violated" by Trump's tariff escalation as it is not consistent with an agreement reached during the G-20 summit, CNBC wrote. "The warnings came as stocks suffered another big dip on Monday with the Dow closing off almost 400 points, or 1.5%, putting the blue-chip index at 25,897, over 700 points lower than it was in January of 2018 before Trump's trade fights began in earnest", Ben White writes for Politico. Tariffs will still apply to those products from mid-December.

However, most stores would have stocked their holiday merchandise before the earlier September deadline, some might have faced the tariffs for fill-in orders late in the holiday shopping season.

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Live animals, dairy products, skis, golf balls, contact lenses, lithium ion batteries and snowblowers will also get tariffs on September 1.

Following positive leads from U.S. markets, the Australian share market looks set to open higher this morning.

The Australian dollar, meanwhile, has recovered to 67.96 USA cents.

ABS Wage Price Index for June 2019.

Down under, Australia's slipped 0.1%.

Spot gold has fallen sharply (-0.7pc) to $US1,501.14 per ounce.

ENERGY: Benchmark U.S. crude fell 48 cents to $56.62 a barrel.

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