The White House on Tuesday said it would delay imposing tariffs on Chinese imports of cellphones, laptop computers, video game consoles, and certain types of footwear and clothing until Dec. 15, significantly later than the Sept. 1 deadline President Trump had repeatedly threatened.
The announcement, which came from the Office of the U.S. Trade Representative, likely ensures that Apple products and other major consumer goods would be shielded from the import tax until at least December, potentially keeping costs on these products down during the holiday shopping season.
The announcement moved stocks sharply higher. The Dow Jones industrial average climbed close to 500 points, or nearly 2 percent, on the news. The stock prices of Apple, Best Buy, Mattel and Macy’s were among those that rallied on the announcement.
The White House did not give a full explanation as to why these items were being exempted, only saying in a short statement that it was part of USTR’s “public comment and hearing process.”