US to delay some tariffs on Chinese goods 

The Trump administration said it would delay the imposition of 10 per cent tariffs on a series of consumer goods imported from China — including some laptops, cell phones, toys and clothing until December, allowing retailers the time to import them without additional levies ahead of the holiday season.

The reprieve from Washington was announced as China’s commerce ministry said Liu He, the vice premier, spoke with Robert Lighthizer, US trade representative, and Steven Mnuchin, the US Treasury secretary, by phone on Tuesday and agreed to have a further conversation in two weeks.

Earlier this month, tensions flared up again between Washington and Beijing as the Trump administration threatened to impose 10 per cent tariffs on $300bn of new goods beginning on September 1, on top of the 25 per cent levies already in place on $250bn of Chinese imports. The US also labelled China a currency manipulator, further inflaming the situation.

US equities rallied on news of the new direct talks and the reprieve from the US, after suffering big losses in recent sessions.

The threat of tariffs on a whole new batch of goods threatened to cast a cloud over the holiday shopping season in the US, given that many of the targeted products are directly linked to consumers.