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Duties on Chinese goods postponed until December



It looks like the trade war with China won’t be taking a bite out of your Christmas budget.

The Trump administration said Tuesday that it would wait until Dec. 15 to impose tariffs on Chinese goods that were supposed to go into effect in September. Other items were removed from the tariff list due to health, safety and national security concerns.

Many of the items on the tariff list are popular holiday gifts. That’s a relief to retailers, which would either eat the added costs or pass them onto shoppers – neither a palatable outcome.

It also means Americans won’t see higher, tariff-inflated prices during their holiday shopping. Those who are traditionally last-minute holiday shoppers may want to skip procrastinating this year, though, and wrap up the shopping before the Dec. 15 deadline.

“I think the president wanted to avoid being the Grinch who stole Christmas,” said Mark Zandi, chief economist of Moody’s Analytics. “These delayed tariff hikes would have landed squarely on American consumers.”

What’s affected by the tariff delay

The 21-page list of items subject to the delay includes many common holiday wishlist gifts, like cellphones, laptops, video game consoles, toys, shoes and clothing. With a delayed hike, Americans are poised to save big on some products.

“We’re doing this for Christmas season, just in case some of the tariffs would have an impact on U.S. customers. So far they’ve had virtually none,” President Donald Trump said in New Jersey before boarding Air Force One for an event in Pennsylvania.

Retail tourists? Why do we Chinese love coming to America? Shhh! It’s the shopping.

Markets on the move! Dow, stocks surge after US delays China tariffs on cellphones, video games computers

For instance, the price of an Apple iPhone would be $75 to $100 higher with the tariffs, Wedbush Securities analyst Daniel Ives estimated recently. That would be bad timing for the company, which is expected to release three new editions of the iPhone in September, models with extra power and improved battery performance.

Another popular holiday gift, video game systems, will also dodge the price uptick until Dec. 15. Earlier this summer, hardware makers Microsoft, Nintendo and Sony asked the Trump administration to remove video game consoles from the list of products to be hit with tariffs.

Their concerns: The import tariff could raise the price of a game system enough to price out 1 in 4 U.S. families this holiday season, the companies said.

Other tariffs coming soon

So far, “consumers had been largely insulated from the price increases from the trade war,” says Kathy Bostjancic, chief U.S. financial economist at Oxford Economics.

The tensions have had other ill side effects, though.

The manufacturing industry is teetering on a recession. U.S. farmers are facing mounting losses. And stocks had their worst rout of the year after Trump this month vowed to enact another 10% tariffs on $300 billion in Chinese goods starting Sept. 1.

That list runs 122 pages and includes items that were not subject to earlier tariffs such as clothes, jewelry, linens, sunglasses, watches, guns, clothing and sports equipment.

That set of tariffs will hit Americans’ pocketbooks, too.

Contributing: USA TODAY business writer Kelly Tyko and Washington correspondent John Fritze. 

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MARKET LIVE: Sensex down 200 pts; broader indices underperform benchmarks




Benchmark indices were trading over half a per cent lower in Thursday’s afternoon trade despite the Securities and Exchange Board of India (Sebi) easing the requirements for foreign portfolio investors (FPIs).

The S&P BSE Sensex was trading around 36,742 levels, down 318 points, or 0.86 per cent. YES Bank, Vedanta, ONGC, IndusInd Bank, and Tata Motors were the top laggards in the Sensex pack. The broader Nifty50 index slipped 103 points, or 0.94 per cent, to 10,857.

All the Nifty sectoral indices except Nifty FMCG were trading in the red. Nifty Realty and Nifty Metal indexes, down 6 per cent and 1.9 per cent, respectively, took the deepest cuts.

In the broader market, the S&P BSE MidCap index dipped 129 points, or 0.97 per cent, to 13,130, while the S&P BSE SmallCap index slid 183 points, or 1.48 per cent, to 12,207.


Shares of LIC Housing Finance tumbled as much as 7.56 per cent to Rs 428.35 apiece on the NSE in the opening deals on Thursday after reports suggested 3.9 crore shares, representing 7.7 per cent of equity, were traded in a block deal at Rs 431 per share. READ MORE

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গোল বন্যার ম্যাচে দারুণ এক জয় তুলে নিয়েছে ঢাকা আবাহনী। এএফসি কাপের ইন্টার জোনাল সেমিফাইনালের প্রথম লেগে উত্তর কোরিয়ার ক্লাব এপ্রিল টুয়েন্টি ফাইভকে ৪-৩ গোলে হারিয়েছে ঢাকার জায়ান্টরা। আকাশী নীলদের হয়ে জোড়া গোল করেছেন সানডে চিজোবা। ম্যাচের ৩৩ মিনিটে ডিবক্সের বাইরে থেকে জীবনের ব্যাকহিলে দৃষ্টিনন্দন এক গোল করেন সোহেল রানা। ২ মিনিটের ব্যবধানে ঠিক একই রকম গোলে সমতায় ফেরে এপ্রিল টুয়েন্টি ফাইভ। এর ২ মিনিট পর জীবনের নৈপুনে ২-১ গোলে এগিয়ে থেকে বিরতিতে যায় আবাহনী। দ্বিতীয়ার্ধ গোল হয়েছে আরো ৪টা। উত্তর কোরিয়ার ক্লাবটা সমতায় ফিরলেও জোড়া গোল করে বাংলাদেশকে এগিয়ে নেন সানডে চিজোবা।

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Modi begins 3-nation trip, says engagements will strengthen relations with time-tested friends




Ahead of his visit to France, the UAE and Bahrain, Prime Minister Narendra Modi on Thursday said the engagements will strengthen India’s relations with time-tested friends and help explore new areas of cooperation. Modi will visit the three countries from August 22 to 26. He will reach France on Thursday.

In his departure statement, the Prime Minister said his visit to France reflects the strong strategic partnership which the two countries deeply value and share.

From August 22-23, he will have bilateral meetings in France, including a summit interaction with President Emmanuel Macron and a meeting with Prime Minister Edouard Philippe.

Modi will also interact with the Indian community and dedicate a memorial to the Indian victims of the two Air India crashes in France in the 1950s and 1960s.

Later, from August 25-26, he will participate in the G7 Summit meetings as Biarritz Partner at the invitation of President Macron in the sessions on Environment, Climate, Oceans and on Digital Transformation.

“India and France have excellent bilateral ties, which are reinforced by a shared vision to cooperate for further enhancing peace and prosperity for our two countries and the world at large,” the Prime Minister said.

He said the strong strategic and economic partnership is complemented by a shared perspective on major global concerns such as terrorism and climate change.

“I am confident that this visit will further promote our long-standing and valued friendship with France for mutual prosperity, peace and progress,” Modi said.

During the visit to the United Arab Emirates from August 23-24, the prime minister said he looks forward to discuss with Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan the entire gamut of bilateral relations and regional and international issues of mutual interest.

Modi said he also looks forward to jointly release the stamp to commemorate the 150th birth anniversary of Mahatma Gandhi along with the Crown Prince.

“It will be an honour to receive the ‘Order of Zayed’, the highest civilian decoration conferred by the UAE government, during this visit. I will also formally launch RuPay card to expand the network of cashless transactions abroad,” the Prime Minister said in the statement.

Frequent high-level interactions between India and the UAE testify to our vibrant relations, he said. The UAE is the third-largest trade partner and fourth-largest exporter of crude oil for India, he said.

“The qualitative enhancement of these ties is among one of our foremost foreign policy achievements. The visit would further strengthen our multifaceted bilateral ties with the UAE,” Modi said.

The Prime Minister will be in Bahrain from August 24-25. This will be the first ever prime ministerial visit from India to the Kingdom.

“I look forward to discussing with Prime Minister Prince Shaikh Khalifa bin Salman Al Khalifa the ways to further boost our bilateral relations and share views on regional and international issues of mutual interest,” Modi said.

The prime minister would also be meeting King of Bahrain Shaikh Hamad bin Isa Al Khalifa and other leaders.

“I would also take the opportunity to interact with the Indian diaspora. I will be blessed to be present at the formal beginning of the re-development of the temple of Shreenathji – the oldest in the Gulf region — in the wake of the auspicious festival of Janmashtami. I am confident that this visit would further deepen our relationship across the sectors,” Modi said.

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