‘We’re doing this for the Christmas season’: Trump delays China tariffs and global markets rally
- Items which have seen tariffs delayed also include lights for Christmas trees
- Stocks in America, the UK and the rest of Europe climbed on the news
Global stock markets rallied last night after Donald Trump delayed new tariffs on some Chinese imports.
Stocks in America, the UK and the rest of Europe climbed when the pause was announced, with the US president saying he did not want prices to rise for American families before Christmas.
The move sparked hopes that Washington can agree a deal with Beijing to end their trade war.
Trump said he did not want prices to rise for American families before Christmas
It sent the FTSE 100, which had spent most of the day in negative territory, up to close 0.3 per cent, or 24.18 points, higher at 7250.90. The German Dax climbed 0.6 per cent and Paris markets gained 1 per cent.
On Wall Street, the Dow Jones, S&P 500 and Nasdaq 100 all soared.
The US Trade Representative (USTR) pushed back the date it plans to introduce 10 per cent tariffs on some Chinese items including mobile phones, laptops, video game consoles and some clothes and toys.
These goods were meant to be hit with higher duties on September 1, but will now not be affected until December 15. The original date will still apply for other items including a wide range of food, machine parts and clothing.
USTR said the delays were driven by issues such as national security and health and safety, but declined to give details.
Meanwhile, Trump said he had made the decision because he did not want to ruin consumers’ Christmas.
Items which have seen tariffs delayed also include nativity figures, as well as lights and ornaments for Christmas trees.
The president said: ‘We’re doing this for the Christmas season. Just in case some of the tariffs would have an impact on US customers.
‘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.’
On Twitter, he attacked China’s Communist leader Xi Jinping for failing to stop the sales of opioid fentanyl amid a drugs crisis in America.
And he urged the Chinese to increase purchases from US farmers in response to the tariff delays.