Markets surged on the news that implementation of tariffs on $300 billion worth of Chinese goods will be delayed from Sept. 1 until Dec. 15
The Trump administration announced Tuesday that a new 10 percent import duty on cellphones, laptops and many other consumers goods made in China will be delayed until Dec. 15, instead of taking effect on Sept. 1 as President Donald Trump originally said.
The move "also allows for the possibility of reaching a settlement with China over the next few months and avoiding the tariffs altogether," said John Frisbie, managing director at the international consulting firm Hills & Co. and the past president of the U.S.-China Business Council. He also asserted that China "would really like to make a deal," even though the two sides have not yet come to an agreement in the on-again, off-again negotiations dating to the early days of his administration in 2017.
"Even from the perspective of political self-interest, Trump's tariffs threat was suicidal. It has caused chaos in the stock market, a drop in business confidence and investment, and every forecast says the global economy is on the verge of a downturn," Bauman said. Trump has already imposed a 25 percent duty on $250 billion worth of Chinese goods, but those are primarily raw materials and intermediate goods used by manufacturers.
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