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Wall Street surges on tariff delay

Video Credit: Reuters Studio - Duration: 01:37s - Published
Wall Street surges on tariff delay

Wall Street surges on tariff delay

U.S. stocks rallied on Tuesday after the Trump administration delayed imposing a 10% import tariff on laptops, cell phones, video game consoles and some other products made in China that had been scheduled to start next month, in an abrupt pull-back from a hardline stance on Chinese trade.

Yahaira Jacquez reports.

Stocks shot up Tuesday after the U.S. announced it would delay slapping tariffs on some Chinese imports - like laptops and cell phones.

It also said it would outright remove some items from the roughly $300 billion-worth of Chinese imports facing 10% tariffs.

The change in policy caused the dow to jump as much as 500 points Tuesday and the Nasdaq and S&P to surge around 2 percent.

Class="kln">Apple shares leading those gains - spiking 5 percent on the news that tariffs on technology products would be delayed until December 15.

The announcement came from the Office of the U.S. Trade Representative, which published a statement just minutes after China said Vice Premier Liu He conducted a phone call with U.S. trade officials.

Other products whose tariffs will be delayed until December include, video game consoles, certain toys, and some clothing.

The decision eased investor concerns of a trade war-driven slowdown in global growth, which has sparked two weeks of volatile trading on Wall Street.

It came less than two weeks after President Donald Trump ended a ceasefire with China and said he would impose a 10% tariff on essentially all Chinese imports starting September 1st, blaming China for not following through on promises to buy more American agricultural products.




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