The Trump administration is delaying tariffs on electronic products, including phones and gaming consoles, made in China. The tariffs on these goods will be delayed until December 15.
According to the Office of the United States Trade Representative (USTR), the products that will have delayed tariffs include “cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing.”
Other products will be removed from the White House’s tariff list “based on health, safety, national security and other factors.”
The USTR is expected to release the full list of goods exempted from the tariffs.
President Donald Trump had announced that tariffs of 10 percent would be levied against $300 billion of Chinese imported goods. The USTR published a list of the goods that could potentially be subject to the tariffs. These tariffs are set to go into effect on September 1.
News of the delayed tariffs buoyed the stock markets. Apple stock rose to $211.93 a share after closing at $200.46 yesterday. Microsoft, which produces the Xbox gaming console, also saw its stock rise, increasing to a high of $138.67.
Amazon, which produces a range of products such as the Amazon Echo, had a dramatic jump today, increasing by almost $50 per share. The stock’s high so far is $1,830.78, while the stock closed at $1,781.10 yesterday.