13 August 2019 • 3:24pm US indices climb sharply on hopes of trade war breakthrough Talks set to proceed in September Delayed tariffs apply to crucial items such an electronics and clothes Read more: Spoofing, Twitter and ‘illegal market manipulation’: does Burford have a case against Muddy Waters? US stocks surged on Tuesday afternoon after a US decision to delay or cancel some of its impending tariffs on Chinese exports rekindled hopes of a trade war truce. The Dow Jones Industrial Average, S&P 500 and Nasdaq all rose sharply on the announcement, converting low gains into an almost-immediate rally of more than 1.5pc each. The Office of the US Trade Representative said tariffs would be cancelled on certain goods because of “health, safety, national security and other factors”, and said a levy on good including “cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing” would be pushed back to the 15th December. China’s Xinhua news agency reported that US Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin would continue trade talks with Chinese vice-premier Liu He next month. The prospects for further talks had been thrown into doubt in recent weeks, after… Read full this story
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