Trump delayed a 10% import tariff on laptops, cell phones, video game consoles and a wide range of other products made in China. Here's StephenNellis on why the news boosted Apple shares. Read more: $AAPL
) and Apple, and Bluetooth headphones and other devices, a category estimated at $17.9 billion last year by the Consumer Technology Association.
According to U.S. Census data, China supplied 82 percent of U.S. cell phones and 94.5 percent of U.S. laptops in 2018. Still, the Retail Industry Leaders Association said “removing some products from the list and delaying additional 10% tariffs on other products, such as toys, consumer electronics, apparel and footwear, until Dec. 15 is welcome news as it will mitigate some pain for consumers through the holiday season.”
Trump announced the Sept. 1 tariffs less than two weeks ago, blaming China for not following through on promises to buy more American agricultural products during talks in Shanghai at the end of July. That move was met with a drop in China’s yuan currency a few days later, prompting the Trump administration to declare Beijing a currency manipulator and sending markets tumbling for several days last week.
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