President Donald Trump just blinked on tariffs.
Speaking to reporters on Tuesday, the president announced that he was delaying some tariffs ahead of the crucial Christmas shopping season. Rather than imposing the 10 percent tariffs on the remaining $300 billion in Chinese goods, he is postponing them until December 15.
Tariff Man said that he does not want to affect American consumers, but then said the tariffs have not had any impact on shoppers.
“We’re doing this for the Christmas season. Just in case some of the tariffs would have an impact on U.S. customers,” he said.
“So far they’ve had virtually none. But just in case they might have an impact on people, what we’ve done is we’ve delayed it, so that they won’t be relevant to the Christmas shopping season.”
The U.S. Trade Representative (USTR) delayed levies on:
– Electronics (smartphones, laptops, and video game consoles)
– Clothing
– Footwear
– “Certain toys”
– Christmas decorations (lights, ornaments, nativity scenes, etc.)
U.S. stocks rose on the news as the Dow Jones climbed 400 points and the NASDAQ surged 157 points.
Here is a better solution: Just abolish all the tariffs right now.
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