But by delaying higher tariffs on consumer goods, Trump is tacitly acknowledging that his import taxes stand to squeeze American households too.
WASHINGTON — Responding to pressure from businesses and growing fears that a trade war is threatening the U.S. economy, the Trump administration is delaying most of the import taxes it planned to impose on Chinese goods and is dropping others altogether.
But under pressure from retailers and other businesses, President Donald Trump's trade office said it would delay until Dec. 15 the tariffs on nearly 60% of the imports that had been set to absorb the new taxes starting Sept. 1. Among the products that will benefit from the 3½-month reprieve are such popular consumer goods as cellphones, laptops, video game consoles, some toys, computer monitors, shoes and clothing.
The news sent the Dow Jones Industrial Average soaring more than 400 points in mid-afternoon trading. Shares of Apple, Mattel and shoe brand Steve Madden, which stand to benefit from the delayed tariffs, led the rally. Trump has repeatedly argued that his tariffs are hurting China, not American consumers. But by delaying higher tariffs on consumer goods, Trump is tacitly acknowledging that his import taxes stand to squeeze American households, too. Tariffs are taxes paid by U.S. importers, not by China, and are often passed along to U.S. businesses and consumers through higher prices.
But 12 rounds of talks have failed produce any resolution. Frustrated with the lack of progress, Trump raised the tariffs on $200 billion in Chinese imports from 10% to 25% in May and said Aug. 1 that he'd impose 10% taxes on an additional $300 billion on Sept. 1. Story continuesGoldman said the tariffs on China have increased uncertainty for businesses, which will likely cause them to pull back on hiring and investing in new equipment or software. Trump's tariffs on Chinese goods have also weighed down stock prices lower, which could depress spending by wealthier Americans, Goldman found.
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