It’s the agriculture, stupid

13 August 2019 By Gina Chon Follow @GinaChon

The Trump administration is delaying import tariffs on some electronics, giving the iPhone maker and the S&P 500 a boost. That’s down to business lobbying and a little pragmatism. But the president wants to boost American agriculture. Until China helps, investors can’t rest easy.

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The U.S. Trade Representative’s office on Aug. 13 said that certain imports from China would not be subject to a 10% tariff because of health, safety and national security reasons but did not provide further details. The agency also said that levies for cellphones, laptop computers, video game consoles, certain footwear and clothing would be delayed until Dec. 15.

President Donald Trump on Aug. 1 said that a 10% tax would be imposed on another $300 billion of goods imported annually from China starting on Sept. 1, after blaming China for not buying more agricultural products and failing to halt the sale of the opioid fentanyl.

Following Trump’s comments, Beijing said Chinese companies had halted purchases of U.S. farm goods and additional tariffs could be imposed on such products.

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