The Office of the U.S. Trade Representative announced on Tuesday that 10% tariffs on Chinese imports set to take effect on cellphones, laptop computers, video game consoles, certain toys, computer monitors and some shoes and clothing will now be postponed until December 15.
Investors welcomed news of the tariff delay.
President Donald Trump said earlier this month that he would add a 10% tariff on an additional $300 billion of Chinese-made products on September 1, which would effectively put a tax on all Chinese goods coming into the United States.
Earlier on Tuesday, China's chief trade negotiators, Vice Premier Liu He and Commerce Minister Zhong Shan, spoke to their United States counterparts, Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer.
CNBC notes that delays have boosted tech stocks, with Apple shares trading almost 5% higher on the news and Best Buy also up by more than 8%. According to the statement, tariff exemptions will include a variety of consumer electronics such as laptop computers, monitors and game consoles as well as footwear and clothing items.
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As news of the tariff delay broke, Donald Trump used Twitter to complain that China had not followed through with expected large purchases of USA agricultural products.
USTR is still moving forward with tariffs on September 1 on many products such as live animals, dairy products, skis, golf balls, contact lenses, motorcycle engines, lithium ion batteries, snowblowers and various types of steel. It will remove other items from the list based "on health, safety, national security and other factors". Goldman Sachs said on Sunday fears of the U.S.
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According to lists published by the USTR, a broad category of items taken off a $200bn tariff list past year will be subject to the 10% tariff as of 1 September.
Stock markets cheered the development, with the Dow Jones Industrial Average jumping 500 points or nearly two per cent from Monday's close.