Sources tell FOX Business that President Donald Trump has signed a “Phase One” trade deal in principle with China on Thursday.
The agreement would suspend tariffs that were to take place Dec. 15 on $160 billion worth of additional products including toys -- just as the Christmas toy shopping season hits overdrive.
Earlier this week, Steve Pasierb, president & CEO of The Toy Association, issued a statement as the deadline loomed. "The government needs to stop using real people, real companies, and American jobs – 700,000 of them – as pawns in the ongoing trade war with China," stated Pasierb.
The so-called "4B" list of goods that would have been impacted, according to the Office of the U.S. Trade Representative, includes:
- Video game consoles
- Computer monitors
- Christmas decorations
Dozens of forms of clothing and attire also would have been hit, such as:
- Sweaters, pullovers, sweatshirts, waistcoats (vests)
- Gloves, mittens and mitts
- Shawls, scarves and veils
- Ties, bowties and cravats
- Men’s suits
- Women’s blazers
- Bed linens
In August, after Trump announced he would issue the new round of tariffs, manufacturers of the above-mentioned goods and more than 100 others wrote a letter to the White House asking for a change in policy.
“Because many of our industrial inputs are still sourced in China, these new tariffs will act as a tax on U.S. manufacturers and U.S. farmers, whose costs will now increase," they wrote. "And because these tariffs were announced with little warning, it is impossible for U.S. importers to share the burden with supply chain partners in China or shift their production to other countries. The full adverse impact of these tariff increases will be felt entirely in the United States and could represent one of the largest tax increases in American history.”
A complete list of products can be found here