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Wall Street surges on tariff delay

Video Credit: Reuters Studio - Duration: 01:37s - Published < > Embed
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.


Wall Street surges on tariff delay

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.

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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