(NBC News) The Trump administration has announced a delay on tariffs targeting Chinese imports.
Wall Street rallied after the Office of U.S. Trade delayed tariffs on Chinese made cell phones, laptop computers, video game consoles and other items until mid-December. The move came after pressure from retailers concerned about holiday sales.
President Trump has insisted China pays for the tariffs, but it’s American shoppers who were facing the financial hit.
“This is an acknowledgment by the White House that this could have driven up prices for American consumers just ahead of the Christmas season,” says CNBC’s Eamon Javers.
Mr. Trump, campaigning in Pennsylvania Tuesday, said Chinese leaders promised Monday to buy more American farm products, but admitted similar promises have fallen short in the past.
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