Laptops, cellphones from China spared Trump tariffs - for now

US President Donald Trump and Chinese President Xi Jinping attending a bilateral meeting on the sidelines of the G20 Summit in Osaka

The United States Trade Representative (USTR) said it has removed a number of items from the list of products that will be subject to a 10 per cent tariff as of September 1, while delayed the implementation of the tariff on others.

According to lists published by the USTR, a broad category of items taken off a $200bn tariff list a year ago will be subject to the 10% tariff as of 1 September.

The tariffs have been overhanging the world's economy since August 1 when U.S. President Donald Trump tweeted he wanted to put another 10 per cent tariff on another $300 billion United States worth of Chinese imports.

The broader S&P 500 was up by roughly the same amount in percentage terms, while the tech-heavy Nasdaq fared even better, up 185 points or 2.35 per cent to 8,050.

The exemptions, combined with renewed talks with China, suggest Trump may be willing to compromise.

The Dow gained more than 400 points, or 1.7%, rising to 26,339 at 10:40 a.m.

"As usual, China said they were going to be buying "big" from our great American Farmers".

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Other products that will have tariffs delayed until December 15 include "computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing", the USTR said in a statement. "Maybe this will be different!" the president wrote.

Other products that will have tariffs delayed until December 15 include "computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing", the USTR said in a statement.

"Certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10 percent".

The announcement comes amid growing concerns about a global slowdown. Since the iPhone is designed in the USA but assembled in China, it is considered an import from that country and is subject to the tariffs.

The US and China are fighting over US allegations that Beijing steals trade secrets and forces foreign companies to hand over technology, as part of a drive to become a world leader in advanced technologies such as artificial intelligence and electric cars.

Cell phones, laptop and tablet computers, toys and video game controllers were among the top four product categories in the proposed $300 billion list of products targeted by the latest 10% tariff.

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