New York: US stocks surged almost two per cent as the Trump administration said it would delay 10 per cent tariffs on some Chinese products, including laptops and mobile phones, driving a five per cent surge in shares in iPhone maker Apple.
The Office of the US Trade Representative said tariffs would also be delayed until December 15 on “computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing”.
That eased the concerns of a trade war-driven slowdown in global growth that have dominated two weeks of volatile trading on Wall Street, since President Donald Trump announced a new round of tariffs on August 1.
A 4.8 per cent jump in Apple shares and a rise in chip stocks pushed the technology sector, traditionally among the most sensitive to trade issues, 2.33 per cent higher on Tuesday. The Philadelphia chip index rose 3.16 per cent.