Dow industrials up 350 points after U.S. stocks reverse opening declines
U.S. stocks on Tuesday pivoted decidedly higher from an early slide out of the gate after the USTR said an increase in tariffs on some goods from China would be delayed. The U.S. Trade Representative cited "health, safety, national security" reasons for the delays. The U.S. will delay imposing 10% tariffs on certain Chinese products until Dec. 15, the U.S. Trade Representative's office said Tuesday.
President Donald Trump has announced 10% tariffs on $300 billion in Chinese goods beginning Sept. 1, and the delay comes as officials from both sides spoke by phone. A USTR spokesman said U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin held discussions and officials would speak again within two weeks. The Dow Jones Industrial Average DJIA, +1.53% traded 411 points, or 1.6%, higher at 26,309, after tumbling more than 390 points on Monday.
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