Trump delays new wave of tariffs for China until December
Maybe this was not initially intended by president Trump, but the ongoing trade war between the U.S. and China is clearly affecting markets on the global scale. It seems that neither of the superpowers is willing to easily settle for concessions. Even though Trump tried to delay the first wave of tariffs earlier this year, Chian did not yield, and, even worse, it retaliated earlier this month when it devalued its own currency in order to hit the U.S. stock markets. However, president Trump is aware that the tariffs swing both ways, sometimes affecting U.S. companies more than Chinese ones, so a decision was taken to delay the next wave of tariffs until mid-December.
Previously scheduled for September 1, the next wave should increase tariffs by 10% for all electronic goods that were not included in the first wave, such as smartphones, laptops and gaming consoles. The delay appears to be a boon for the U.S. tech companies like Apple, Micron, Qualcomm and Intel, plus online retailers like Alibaba, Best Buy or Ebay, all recording considerable stock upticks across the board.
The delayed tariffs until December should also benefit consumers during the busiest shopping season, as taxes will not be applied for Black Friday and early Christmas promotions. Additionally, manufacturers announcing their new products at IFA Berlin in early September should have a generous 2-month selling window before the next wave of tariffs.
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