USA will delay tariff hike on Chinese-made cell phones, toys

US President Donald Trump and Chinese President Xi Jinping attending a bilateral meeting on the sidelines of the G20 Summit in Osaka

The US Trade Representative's (USTR) office today said that they have chose to delay additional 10% tariffs on a list of Chinese imports until December 15 ahead of the next round of face-to-face talks in September in Washington.

Earlier on Tuesday, China's chief trade negotiators, Vice Premier Liu He and Commerce Minister Zhong Shan, spoke to their U.S. counterparts, Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer.

On Tuesday, technology investors welcomed news of the exemptions, pushing an index of chip stocks up 3.1%, while shares of Apple (AAPL.O) surged more than 5% and the Dow Jones Industrial Average rose more than 500 points.

The U.S. Trade Representative said that, in addition, certain products were completely removed from the list of goods subject to tariffs on Sep. It's expected that the increased tariffs will impact around $300 billion worth of imports from China.

The USTR will also delay tariffs on cell phones, laptops, computer monitors, video game consoles, and "certain items of footwear and clothing" until December 15.

Most of the levies are scheduled to kick in on 1 September. It will remove other items from the list based "on health, safety, national security and other factors".

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The USTR's announcement comes amid growing concerns about a global economic slowdown.

The top United States trade negotiator on Tuesday said that new tariffs on $300 billion in Chinese-made consumer goods including cell phones, toys and video game consoles would be delayed until December 15.

For some analysts, that data spoke against the U.S. Federal Reserve delivering another swift cut in interest rates.

The U.S. Trade Representative's Office will publish additional details and lists of the specific product types impacted by the announcement.

By mid-morning USA eastern time, the Dow Jones Industrial Average was up 429.49 points, or 1.66%, at 26,327.20, the S&P 500 was up 46.24 points, or 1.60%, at 2,929.33.

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