Chinese yuan soars after tariffs delayed

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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.

The USTR action was published minutes after China's ministry of commerce said vice-premier Liu He conducted a call with US officials.

US President Donald Trump said on 1 August he would impose a 10% tariff on $300bn of Chinese goods, blaming China for not following through on promises to buy more American agricultural products.

As news of the tariff delay broke, Donald Trump used Twitter to complain that China had not followed through with expected large purchases of U.S. agricultural products.

A 4.8 per cent jump in Apple shares and a rise in chip stocks pushed the technology sector, traditionally among the most sensitive to trade issues, 2.33 per cent higher.

The exemptions, combined with renewed talks with China, suggest Trump may be willing to compromise. "Maybe this will be different!" the president wrote.

Most of the levies are scheduled to kick in on 1 September.

"Certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10 percent".

The USTR's announcement comes amid growing concerns about a global economic slowdown. Goldman Sachs said on Sunday fears of the U.S.

The top USA trade negotiator on Tuesday said that new tariffs on $300 billion in Chinese-made consumer goods including cell phones, toys and video game consoles would be delayed until December 15.

Of the items being delayed from the tariffs, these include "cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing".

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 USA shoppers buy from China en masse.

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