NEW YORK (AP) — President Donald Trump says he delayed some tariffs in an escalating trade war with China to lessen the impact on the Christmas shopping season.
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.