WASHINGTON (AP) — The United States is delaying tariffs on Chinese-made cellphones, laptop computers and other items and removing other Chinese imports from its target list altogether in a move that triggered a rally on Wall Street.
The Office of the U.S. Trade Representative says it is still planning to go ahead with 10% tariffs on about $300 billion in Chinese imports Sept. 1, extending the import taxes on just about everything China ships to the United States in a dispute over Beijing's aggressive trade policies.
But the agency says it would delay the tariffs to Dec. 15 tariffs on some goods, including cellphones, laptop computers, video game consoles, some toys, computer monitors, shoes and clothing. And it's removing other items from the list based "on health, safety, national security and other factors."
Stocks shot higher on Wall Street after the the delay was announced. The news sent the stocks of U.S. companies that make electronics, shoes and toys sharply higher. Apple jumped 5.4%, Mattel soared 10.6% and Steve Madden jumped 4.7%.
The Dow Jones Industrial Average jumped 400 points, or 1.6%. The S&P 500 index was up 1.5%. The Nasdaq jumped 2%.