The Trump administration on Tuesday narrowed the list of Chinese products it plans to impose new tariffs on as of Sept. 1, delaying levies on cellphones, laptop computers, toys and other goods and announcing exclusions for other products for reasons of health, safety and national security.
The administration said that a new 10 percent tariff on roughly half the Chinese goods imported into the United States would still take effect on Sept. 1 as announced by President Trump.
But tariffs on consumer electronics, video game consoles, certain toys, computer monitors and some footwear and clothing items is being delayed until Dec. 15, giving retailers time to import the rush of products they need for the back-to-school and holiday shopping seasons.
The changes come as the Trump administration faces mounting pressure from businesses and community groups who say the continuing trade war with China is hurting them. Negotiations between the United States and China for a trade deal have made little progress since May, when progress stalled over several issues
Stocks rallied on the news, with the S&P 500 climbing nearly 2 percent in morning trading. The benchmark index was lifted, in part, by stocks of retailers and computer chip producers, two industries that have been sensitive to indications that trade tensions were getting either better or worse.
Best Buy, which gets a many of the products it sells from China, was among the best-performing stocks in the S&P 500, up more than 8 percent in morning trading. The Nasdaq composite index rose more than 2 percent.