Realizing fears of a recession and the state of the global economy, the Office of the U.S. Trade Representative (USTR) announced it will delay some Chinese products subject to tariffs until mid-December.
Most of the items the agency decided to exempt from Trump’s new round of tariffs can be categorized as ‘back to school’ purchases and coincidentally comes at a time when many Americans are shopping for back to school items and fueling our economy.
The lst includes: “cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing.”
USTR also decided to remove some items entirely from the list “based on health, safety, national security and other factors and will not face additional tariffs.” It plans to release a full list of exempt items later today.
In response to this latest announcement, the markets have reacted favorably.
The Dow was up more than 400 points, or 1.6%, in late morning trading following Monday’s nearly 400-point drop. The S&P 500 gained 1.5% while the Nasdaq rose 2%.
