Breaking: USTR says additional tariffs on some products will be delayed to December 15

Eren Sengezer FXStreet

The US Trade Representative (USTR) Lighthizer's office in a recently published statement announced that additional tariffs on some Chinese imports, including cell phone and laptop computers, will be delayed until December 15.

With the initial market reaction, major equity indexes in the US gained traction with the Nasdaq Composite nearly gaining 2% as of writing and the S&P 500 adding 1.3%.

Below are some key quotes from the statement, per Reuters.

"Some products are being removed from China tariff list based on health, safety, national security and other factors; will not face additional tariffs of 10%."

"It intends to conduct an exclusion process for products subject to the additional tariff."

"Other products for which tariffs are delayed are video game consoles, certain toys, computer monitors, and certain items of footwear and clothing."

"Will publish on its website today and in the federal register as soon as possible more details, lists of the tariff lines affected."

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD holds firm above 1.1900 as US NFP looms

EUR/USD holds its upbeat momentum above 1.1900 in the European trading hours on Wednesday, helped by a broadly weaker US Dollar. Markets could turn cautious later in the day as the delayed US employment report for January will takes center stage.

GBP/USD recovers losses despite rising UK political risks, BoE rate cut bets

Pound Sterling advances against the US Dollar after registering modest losses in the previous session, trading around 1.3650 during the Asian hours on Wednesday. The pair could extend losses as the Pound Sterling faces pressure from rising political risks in the UK and growing expectations of near-term Bank of England rate cuts.

Gold sticks to gains near $5,050 as focus shifts to US NFP

Gold holds moderate gains near the $5,050 level in the European session on Wednesday, reversing a part of the previous day's modest losses amid dovish US Federal Reserve-inspired US Dollar weakness. This, in turn, is seen as a key factor acting as a tailwind for the non-yielding yellow metal ahead of the critical US NFP release.

US Nonfarm Payrolls expected to show modest job gains in January

The United States Bureau of Labor Statistics will release the delayed Nonfarm Payrolls data for January on Wednesday at 13:30 GMT. Investors expect NFP to rise by 70K following the 50K increase recorded in December.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

BNB prolonged correction signals deeper bearish momentum

BNB (BNB), formerly known as Binance Coin, is trading below $618 on Wednesday, marking the sixth consecutive day of correction since the weekend. The bearish price action is further supported by rising short bets alongside negative funding rates in the derivatives market.