Rand gains by more than 1% after U.S. delays some China tariffs

US delays tariffs on cellphones, laptops and toys from China

The U.S. Trade Representative's Office action was published just minutes after China's Ministry of Commerce said Vice Premier Liu He conducted a phone call with U.S. trade officials. Furthermore, other goods are being excluded from the tariff list entirely due to "health, safety, national security and other factors". -China trade war leading to a recession are increasing and that Goldman no longer expects a trade deal between the world's two largest economies before the 2020 USA presidential election.

The Trump administration on Tuesday delayed imposing a 10% import tariff on laptops, cell phones, video game consoles and a wide range of other products made in China, in an abrupt pull-back from a hardline stance on Chinese trade.

Financial markets surged after the US announced it will not impose a 10% tariff on certain products starting September 1 and is pushing back planned duties on a range of popular consumer goods.

Boeing Co rose 1.00 per cent while Caterpillar Inc, another company heavily exposed to Chinese demand, gained 3.74 per cent and traders said the statement by the USTR offered hope of some progress in talks between Washington and Beijing ahead.


CNBC notes that delays have boosted tech stocks, with Apple shares trading almost 5% higher on the news and Best Buy also up by more than 8%.

Previous tariffs were very targeted on some sectors, but the latest tariff move would have hiked prices on a wide variety of cheap consumer goods that US shoppers buy from China en masse.

"It'll be good maybe for this week as we kind of get out of an oversold situation but the market is going to bounce around for the rest of the year".

Stock markets cheered the development, with the Dow Jones Industrial Average jumping 500 points or nearly two per cent from Monday's close. It's expected that the increased tariffs will impact around $300 billion worth of imports from China. The Nasdaq was up 165.16 points, or 2.10%, at 8,028.57.

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