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 US markets.
The US 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 US 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.