Chinese tech stocks are surging after Trump delays tariffs

  • President Donald Trump tweeted Sunday that he would delay scheduled tariff increase on Chinese goods.
  • So far, the US has imposed duties on $US250 billion of Chinese imports, prompting China to retaliate.
  • In December, the two sides agreed on a 90-day trade-war truce that postponed an increase of US tariffs from 10% to 25% on $US200 billion worth of Chinese goods. That agreement was set to expire this coming Friday.
  • Chinese tech stocks traded in the US were gaining ground following the announcement.

President Donald Trump delayed his the upcoming tariff increase on Chinese imports after recent trade talks with between the world’s two largest economies appeared to be making progress.

“I am pleased to report that the U.S. has made substantial progress in our trade talks with China on important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues,” Trump tweeted Sunday. “As a result of these very productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1.”

It has been nearly a year since President Donald Trump announced plans to charge a 25% tariff on $US50 billion worth of Chinese goods, kicking off a trade war between the world’s two largest economies. So far, the US has imposed duties on $US250 billion of Chinese imports, prompting China to retaliate.

In December, the two sides agreed on a 90-day trade-war truce that postponed an increase of US tariffs to 25% from 10% on $US200 billion worth of Chinese goods to this Friday. Since then, Chinese and Trump administration officials have held three rounds of formal talks among high-level officials.

Boosted by Trump’s announcement that he would again delay duties on $US200 billion Chinese goods, a number of Chinese tech stocks traded in the US were gaining ground. Here’s the scoreboard as of 8:51 AM ET:

Now read:

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.