U.S. To Delay Some Tariffs On China Until December 15
NEW TARIFF ON CELL PHONES, VIDEO GAMES AND TOYS WON'T GO INTO EFFECT UNTIL DECEMBER 15TH IF NO DEAL IS NEGOTIATED
Philadelphia, PA (KYW) – You’ve now got until December 15th to buy holiday electronics before they get hit with a 10% tariff.
President Trump announced earlier this month the new import tax impacting goods like cell phones, toys, and video games from China would take effect September 1st.
U.S. trade representative Robert Lighthizer announced Tuesday it’s been delayed until mid-December.
That buys him extra time to negotiate a deal that could prevent the duty from being implemented at all.
If that doesn’t happen and Trump’s new tariffs do go through; they’ll apply to $300 billion worth of goods coming from China.
The president implemented a similar tariff last year that targets about $250-billion worth of mostly industrial materials.
The escalating trade war with China has spooked some investors and impacted stock prices during the past several trading sessions.