The USTR said the tariffs will still go into effect in September on other items, but didn't fully explain why some items were exempted. "But it said tariffs on other items would be waived completely 'based on health, safety, national security and other factors,'" Paletta and Long report.
It's likely that economic fears influenced the decision; Trump's recent tariff threat "spooked investors and many lawmakers, and it has led to a steady slide in the stock market in the past two weeks," Paletta and Long report. Former Trump Treasury Department official Steve Pavlick, now head of policy at Renaissance Macro Research, told the Post: "I don’t think it’s a coincidence that you see this right before Christmas. They are trying to minimize the impact."
"Many businesses had worried that higher tariffs on consumer goods ahead of the Christmas shopping season could severely damage the economy at a time when some are warning that the risk of a recession next year has increased," Paletta and Long report. "The announcement moved the stock market sharply higher. The Dow Jones industrial average climbed close to 500 points, or nearly 2 percent, on the news. The stock prices of Apple, Best Buy, Mattel and Macy’s were among those that rallied on the announcement."