Trump says tariffs are a gift from China

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

The Office of the U.S. Trade Representative announced on Tuesday that 10% tariffs on Chinese imports set to take effect on cellphones, laptop computers, video game consoles, certain toys, computer monitors and some shoes and clothing will now be postponed until December 15.

The Office of the U.S. Trade Representative says the rest of the tariffs on Chinese imports scheduled to kick in on September 1 will continue.

USTR said in a statement it was going ahead with the tariffs next month, but would delay the start for cell phones, laptops, computer monitors, video game consoles and some toys, footwear and clothing.

"We're doing this for the Christmas season", Trump stated.

Apple was not the only company to spike off the news, with the Philadelphia Semiconductor Index jumping as much as 2.6% in morning trading. So far they have not done what they said.

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USTR is still moving forward with tariffs on September 1 on many products such as live animals, dairy products, skis, golf balls, contact lenses, motorcycle engines, lithium ion batteries, snowblowers and various types of steel.

The iPhone maker is highly correlated to trade issues with China, given the country is both a key part of its supply chain as well as a major source of revenue.

A separate group of goods will be altogether exempt "based on health, safety, national security and other factors", it continued.

Previous tariffs were very targeted on some sectors, but the latest tariff move would have hiked prices on a wide variety of cheap consumer goods that USA shoppers buy from China en masse.

While trade talks between the USA and Chinese delegations are continuing, the two sides have failed to hammer out a deal that can put an end to the year-long trade row. He also personally criticized Chinese President Xi Jinping for failing to do more to stem sales of the synthetic opioid fentanyl amid an opioid overdosing crisis in the United States. The office plans to conduct an exclusion process for products subject to the additional tariff.

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