Markets soared Tuesday morning following the Trump administration's decision to delay and revise its latest round of punitive tariffs against China. The Dow jumped more than 400 points while the S&P 500 and the Nasdaq Composite both rose roughly 2 percent.
Earlier this month, President Trump announced that U.S. would impose a 10 percent tariff on $300 billion worth of Chinese imports. The tariffs followed seemingly hollow trade talks in Shanghai and were set to go into effect on September 1.
Yet the U.S. Trade Representative (USTR) said on Tuesday that tariffs on certain products should be delayed until December 15. These included “cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing,” the USTR said in a statement.
The agency added that certain products will be removed all together from the targeted tariff list “based on health, safety, national security and other factors,” and that it will conduct an additional “exclusion process” on other products.
The earlier proposed tariff on $300 billion worth of goods would have essentially blanketed all Chinese imports, which totaled roughly $558 billion in 2018, with tariffs.
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
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