Stock market surges after Trump administration pushes back China tariffs

13 Août, 2019, 19:32 | Auteur: Auguste Feret
  • US President Donald Trump and Chinese President Xi Jinping attending a bilateral meeting on the sidelines of the G20 Summit in Osaka

Trump tweeted. His comments come after his administration delayed a 10% tariff on certain Chinese imports, including technology products and clothing, until mid-December. Tuesday's tariff delay helped the rand "make an aggressive move" from R15.39/$ to R15.16/$, said TreasuryONE in a snap note.

Most of the levies are scheduled to kick in on 1 September. A separate group of products will also be exempt altogether "based on health, safety, national security and other factors", it added.

Earlier on Tuesday, China's chief trade negotiators, Vice Premier Liu He and Commerce Minister Zhong Shan, spoke to their USA counterparts, Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer.

The surprise news from the United States Trade Representative office sparked a 5% jump in Apple shares.

Trade-sensitive technology shares post strong gains in early trade. The Philadelphia chip index rose 3.16 per cent.

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The USTR plans to publish a full list of the products later Tuesday.

The U.S. and China are fighting over American allegations that Beijing steals trade secrets and forces foreign companies to hand over technology.

"It'll be good maybe for this week as we kind of get out of an oversold situation but the market is going to bounce around for the rest of the year". The move would likely come as a relief during the holiday shopping season, as economists say the cost of the USA tariffs are passed on to American businesses and consumers.

But in a tweet on Tuesday, Mr Trump hinted that he was expecting something in return, suggesting that China's failure to "buy big" from USA farmers could be about to change. So far they have not done what they said. The Dow Jones Industrial Average was up almost 500 points in early trading. The Nasdaq was up 165.16 points, or 2.10%, at 8,028.57.

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