Specifically, "cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing" flowing from China into the U.S. will have an extra 10-per-cent added to their import tariffs from mid-December rather than early next month.
The US is delaying imposing tariffs on some imports from China until 15 December because of "health, safety, national security and other factors".
Laptops, cellphones, gaming consoles, and other products imported from China won't face a 10% tariff on September 1, as expected. However, the USTR said that many items, including cellphones, laptops, video game consoles, and certain shoes and clothes, would not be hit with the new duties until mid-December.
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 delay could be calculated to avoid adding tariffs to popular consumer items during the busy back-to-school and holiday shopping seasons.
The International Monetary Fund last month cited trade tensions as one of the biggest risks to the global economy as it downgraded its 2019 growth forecast, while Goldman Sachs has said there's growing concerns that the trade war will trigger a US recession.
Fierce battle: Yemen govt decries UAE-backed 'coup' after separatists seize palace
On Sunday, the Red Cross urged the warring parties to sit down and negotiate the future of the country to avoid further bloodshed. In the last few days, dozens of civilians and fighters were killed in the fighting between the separatists and government forces.
"Continued uncertainty for US businesses and consumers is a drag on the economy", he said.
On Sunday, economists at Goldman Sachs downgraded their economic forecasts, citing the impending tariffs on consumer goods. -China trade war. A team from China is expected to come to Washington next month to resume negotiations.
Crude oil prices gained traction in the last hour as the latest developments surrounding the US-China trade dispute eased concerns over a prolonged conflict and its potential negative impact on the energy demand outlook. Trump's tariffs on Chinese goods have also weighed down stock prices lower, which could depress spending by wealthier Americans, Goldman found.
Investors and retailers welcomed news of the tariff delay.
Shortly after the delay announcement Tuesday, Trump criticized China.
In a sign the administration may be expecting something in return, Trump tweeted on Tuesday: "As usual, China said they were going to be buying "big" from our great American Farmers". Companies including VF Corp., Shoe Carnival Inc. and Wolverine World Wide Inc. rallied against a tax that they said could hurt businesses, families and the overall US economy. His hand is now weaker, though that might be good for the US economy.