Apple’s stock surged on Tuesday morning after the United States Trade Representative office announced that they would delay tariffs on certain tech products being exported to the U.S. from China.
Certain items will be removed from the tariff list entirely for “health, safety, national security and other factors,” the USTR said, while tariffs on “cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing” will be delayed until December 15.
Apple shares jumped by nearly 5% after the announcement, and Best Buy, Nike, Kohl’s and other retail stores experienced similar gains in the market.
The Dow Jones Industrial Average and S&P 500 were up more than 2% and the NASDAQ surged by more than 2.5%.
President Donald Trump announced on August 1 that he would be slapping a 10% tariff on $300 billion worth of Chinese goods. In a tweet Tuesday, the president expressed further disappointment that China backed out of a deal to buy agricultural products from American farmers in exchange for some tariff relief. (RELATED: Trump Ups The Ante In China Trade War)
As usual, China said they were going to be buying “big” from our great American Farmers. So far they have not done what they said. Maybe this will be different!
— Donald J. Trump (@realDonaldTrump) August 13, 2019