Trump eyes China for shift on USA agricultural product purchases

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Certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10 percent.

In a statement, the USTR indicated that the decision was a "part of USTR's public comment and hearing process".

However, the U.S. Trade Representative (USTR) is delaying until December the imposition of additional tariffs on the items on List 4B, which includes toys, cell phones, diapers, clothing, shoes, and microwave ovens.

On Tuesday, technology investors welcomed news of the delay, pushing an index of chip stocks up 3.1 per cent, while shares of Apple surged more than 5 per cent, and the Dow Jones Industrial Average rose more than 500 points.

President Trump delayed the new tariffs on a large batch of Chinese imports that were supposed to go into effect September 1, and exempted some other Chinese imports altogether.

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Jay Foreman, CEO of the toy company Basic Fun, said he's pleased that the 10% tariffs have been delayed for products like his until December.

The move deescalates Trump's trade war with China, and amounts to a tacit acknowledgement by Trump that his tariffs might hurt American consumers too much. Even better for Beijing: Trump's statement is a clear admission that American consumers, retailers, and wholesalers are paying his tariffs, not China.

"Make no mistake, these tariffs, including the ones imposed in earlier tranches, are paid by US companies".

"We had a very good talk yesterday with China", Trump said. Beijing also halted United States agricultural purchases, inflaming a trade war that has roiled financial markets, disrupted supply chains and slowed global growth.

The Office of the US Trade Representative said it would go ahead with tariffs on about $300 billion (€268 billion) of other Chinese goods imported to the US in a dispute over Beijing's aggressive trade policies.

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With the latest delay in tariffs, once again there were renewed hopes in markets of a resolution to the U.S.

If you've lost track, Trump has now imposed 25% tariffs on about $250 billion worth of intermediate goods imported from China, which are components most consumers never see.

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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".

Goldman said the tariffs on China have increased uncertainty for businesses, which will likely cause them to pull back on hiring and investing in new equipment or software. His hand is now weaker, though that might be good for the USA economy.

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