President Donald Trump said on Tuesday he was delaying some tariffs on Chinese imports before Christmas time to curb their potential impact on the holiday season.
The Trump Administration announced hours earlier that it would delay some until December 15, the originally planned for September 1 tariffs.
"We'll do it for Christmas," Trump told reporters on an airport runway Tuesday afternoon. "Just in case some of the tariffs affect US customers."
"So far, however, they have had virtually none," the president added. "But just in case they could affect people, we delayed them so they would not be relevant to the Christmas shopping season."
Recognizing that tariffs could harm holidays The sale is a postponement for Trump, a self-described "tariff man" who has long claimed that the import taxes help the US, while exerting pressure on China, including certain goods electronic devices such as mobile phones, laptops and video games.
The list of delays also included a number of products related to Christmas. They contain decorations for "Christmas parties, Nativity scenes and Christmas figures", Christmas tree lighting and Christmas tree decorations.
There are no other items on the Delay List for specific holidays.
Trump announced in early August that it would levy 10% duty on the remaining $ 300 billion of Chinese goods that had not yet been subject to import duties. The White House has already introduced $ 250 billion of import duties from China.
China has already charged US $ 110 billion in US imports with retaliatory tariffs. It responded to the recent tariff threat by canceling all purchases of US agricultural products.
The White House's attempt to postpone the tough and swift deadline for the new tariffs was a sigh of relief for the markets, which have been steadily increasing on the brink of the intensifying trade war between Beijing and Washington. Major indices that had been trading in red before the market opened shot up in the news.
Rising shares of technology companies, technology distributors and other retailers supported the market. Apple shares gained almost 5% on the news and Best Buy gained more than 8%. Chip stocks also left the correction area as the semiconductor ETF declined 8% from its July high.
Trump has long been fully supportive of tariffs. He claims on a regular basis that China and not the US carry the burden of tariffs, saying that the US is borrowing "billions" from China.
Most economists quickly point out that US importers are the ones who pay taxes directly, though tariffs can hurt China by making its goods more expensive for Americans.
Trump's comments came on Tuesday shortly before he traveled from his New Jersey golf resort to the Shell Pennsylvania Petrochemicals Complex, where he will deliver remarks on US energy and manufacturing.