AP NEWS

The Latest: China tariff delay sets off a stock market rally

August 13, 2019 GMT
1 of 3
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 of 3
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)

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

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.

___

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.