The Latest: Trump - tariff delay lessens impact on holidays

Trump cites holiday shopping season as the reason for a pullback on tariffs targeting China

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

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."

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

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12:35 p.m.

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%.

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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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