The Latest: Trump - tariff delay lessens impact on holidays

AP

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  • FILE - In this March 6, 2019, file photo a staff member works on a mobile phone production line during a media tour in Huawei factory in Dongguan, China's Guangdong province. Huawei Technologies Co. is one of the world's biggest supplier of telecommunications equipment. 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. (AP Photo/Kin Cheung, File)

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    A television on the floor of the New York Stock Exchange headlines market activity, Tuesday, Aug. 13, 2019.Stocks shot higher on Wall Street after the U.S. government announced it was delaying the implementation of tariffs on certain goods imported from China. (AP Photo/Richard Drew)

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    Specialists James Denaro, left, and Anthony Rinaldi work on the floor of the New York Stock Exchange, Tuesday, Aug. 13, 2019. Stocks tore higher Tuesday, continuing their roller-coaster ways, after the latest turn in the U.S.-China trade war flipped investors back to buying mode. (AP Photo/Richard Drew)

  • FILE - In this March 6, 2019, file photo a staff member works on a mobile phone production line during a media tour in Huawei factory in Dongguan, China's Guangdong province. Huawei Technologies Co. is one of the world's biggest supplier of telecommunications equipment. 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. (AP Photo/Kin Cheung, File)

  • 1

    A television on the floor of the New York Stock Exchange headlines market activity, Tuesday, Aug. 13, 2019.Stocks shot higher on Wall Street after the U.S. government announced it was delaying the implementation of tariffs on certain goods imported from China. (AP Photo/Richard Drew)

  • 2

    Specialists James Denaro, left, and Anthony Rinaldi work on the floor of the New York Stock Exchange, Tuesday, Aug. 13, 2019. Stocks tore higher Tuesday, continuing their roller-coaster ways, after the latest turn in the U.S.-China trade war flipped investors back to buying mode. (AP Photo/Richard Drew)

NEW YORK (AP) The Latest on the shifting trade relations between the U.S. and China (all times local):

President Donald Trump says he delayed some tariffs in an escalating trade war with China to lessen the impact on the Christmas shopping season.

The announcement jolted shares of companies that rely on the shopping season for a large chunk of their profits.

Best Buy jumped 5.7% and Dollar Tree surged 4%. Apple rose 4.1%.

The U.S. Trade Representative said Tuesday that 10% tariffs on about $300 billion in Chinese imports will go forward, but tariffs on some goods will be delayed until Dec. 15. Those items include cellphones, laptop computers, video game consoles, some toys, computer monitors, shoes and clothing.

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12:35 p.m.

The U.S. announced Tuesday that it would postpone certain tariffs on Chinese-made cellphones, laptop computers and other items and removing other Chinese imports from its target list altogether. They had been scheduled to kick in on Sept. 1. That has now been delayed until Dec. 15.

The tariffs sparked retaliatory measures by China to cut off agricultural imports from the U.S. and to allow its currency to be devalued relative to the dollar.

Trump says he's delayed the tariffs to help "a lot of different groups of people."

Speaking to reporters in New Jersey before boarding Air Force One, Trump noted the resulting surge in the stock market.

Trump says he believes China "really would like to make a deal."

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12:35 p.m.

News that the U.S. would delay tariffs on a number of Chinese imports until mid-December set off a rally on the stock market.

Retailers posted some of the biggest gains. The delay in tariffs means retailers won't have to raise prices on toys, clothing and other items during the holiday shopping season.

Best Buy jumped 5.7% and Dollar Tree surged 4%, both in heavy trading.

Tariffs on cell phones would also be delayed. That sent Apple up 4.1%.

Markets have been volatile since President Donald Trump announced August 1 that the U.S. would impose 10% tariffs on about $300 billion in Chinese imports.

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11:30 a.m.

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, triggering a rally in beleaguered U.S. markets.

The U.S. Trade Representative said Tuesday 10% tariffs on about $300 billion in Chinese imports will go forward, but tariffs on some goods will be delayed until Dec. 15. Those items include cellphones, laptop computers, video game consoles, some toys, computer monitors, shoes and clothing.

Major U.S. markets jumped more than a percent on the news. The Dow, S&P 500 and Nasdaq are all down between 3% and 4% in the past month.

 

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