The U.S. Trade Representative's office said in a statement Tuesday that tariffs would be delayed until December 15 for items such as mobile phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing.
USTR is also removing other items from the list based "on health, safety, national security and other factors".
Other Chinese items will be removed from the list of goods which will be hit with a 10% tariff from September 1.
Other products whose tariffs will be delayed until Dec 15 include "computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing", the USTR said in a statement.
While Wall Street cheered the news with a 500-point rise in the Dow Jones Industrial Average, there is no doubt that the trade war remains on.
As was previously announced, on September 1, the United States will slap an additional 10% duty on nearly all jewelry produced by China.
The Trump administration announced a delay in planned new tariffs on Chinese goods Tuesday, pushing back imposition of the additional taxes in order to give us businesses more time to stock up for back-to-school and holiday shopping seasons, according to The New York Times. US importers can apply for tariff exemptions. If this zone can be topped, AUDJPY bulls could quickly target the 74.000 handle in an attempt to claw-back recent downside as long as US-China trade war optimism and risk appetite returns to the market. It's expected that the increased tariffs will impact around $300 billion worth of imports from China.
Shortly after the announcement, Trump criticized China, claiming it has not lived up to the promises it has made during trade talks.
Washington announced on Tuesday that it would delay the introduction of 10% tariffs on a range of Chinese goods sold in the U.S., including technology products such as laptops, mobile phones and game consoles.
Trump has now partially reversed himself on the 10% tariff, without any corresponding concession from China.
He added, "While we are pleased with the decision to delay new tariffs on certain shoes, we are not satisfied". Companies including VF Corp., Shoe Carnival Inc. and Wolverine World Wide Inc. rallied against a tax that they said could hurt businesses, families and the overall US economy.
That is one of the issues presenting itself as an obstacle in trade talks, and which President Donald Trump emphasized in a Tuesday morning tweet. In the past week tensions have escalated further as the U.S. Treasury Department formally labeled China a currency manipulator.