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US delays tariffs on some Chinese goods, drops others

This April 23, 2017, photo released by Xinhua News Agency, shows a container dock of Yangshan Port in Shanghai, east China. U.S. President Donald Trump's latest tariff hikes on Chinese goods took effect Friday, May 10, 2019 and Beijing said it would retaliate, escalating tensions in fight over China's technology ambitions and other trade strains. Photo: AP/ Ding Ting
This April 23, 2017, photo released by Xinhua News Agency, shows a container dock of Yangshan Port in Shanghai, east China. U.S. President Donald Trump's latest tariff hikes on Chinese goods took effect Friday, May 10, 2019 and Beijing said it would retaliate, escalating tensions in fight over China's technology ambitions and other trade strains.

Updated: August 13, 2019 09:42 AM

The United States is delaying tariffs on Chinese-made cellphones, laptop computers and other items and removing other Chinese imports from its target list altogether in a move that triggered a rally on Wall Street.

The Office of the U.S. Trade Representative said Tuesday that it is still planning to go ahead with 10% tariffs on about $300 billion in Chinese imports, extending the import taxes on just about everything China ships to the United States in a dispute over Beijing's aggressive trade policies. Most of the levies are scheduled to kick in Sept. 1.

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But the agency says it would delay the tariffs to Dec. 15 on some goods, including cellphones, laptop computers, video game consoles, some toys, computer monitors, shoes and clothing. And it's removing other items from the list based "on health, safety, national security and other factors."

China threatens retaliation for Trump's planned tariff hike

The news sent the Dow Jones Industrial Average up more than 460 points in midmorning trading. Shares of Apple, Mattel and shoe brand Steve Madden shot up on the news.

Separately, China's Ministry of Commerce reported that top Chinese negotiators spoke by phone with their U.S. counterparts, Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, and plan to talk again in two weeks.

Together, the developments revived optimism that the world's two biggest economies can make progress toward resolving a trade dispute that has rattled financial markets for more than a year and clouded prospects for the global economy.

The U.S. and China are fighting over American allegations that Beijing steals trade secrets and forces foreign companies to hand over technology. The tactics are part of China's drive to become a world leader in advanced technologies such as artificial intelligence and electric cars.

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Credits

Associated Press

(Copyright 2019 by The Associated Press. All Rights Reserved.)

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