US postpones new tariffs on certain Chinese imports
The list of goods included cell phones, laptop computers, video game consoles, certain toys, computer monitors and certain items of footwear and clothing. The announcement came amid mounting concerns about a global economic slowdown.
Following the news, ICE Brent futures rose $2.73/bbl to settle at $61.30/bbl on Tuesday, while NYMEX (WTI) crude was up by $2.17/bbl to close at $57.10/bbl.
The USTR said it is still planning to slap 10% tariffs on Chinese imports worth of additional $300 billion and levies are slated to take effect on September 1. President Trump announced new plans to impose tariffs in a series of tweets on August 1.
In the meantime, talks with trade representatives of two giant economies may resume in two weeks, according to media sources.
Goldman Sachs cut its Q4 growth forecast to 1.8% late last week citing a larger than-expected impact of recent trade war on the US economy. The firm stated that it no longer expects a trade deal with China before the 2020 election.
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