U.S. retail stocks rose after the U.S. delayed the imposition of 10% tariffs on certain Chinese imports until December.
The Office of the U.S. Trade Representative said Aug. 13 that new China tariffs on consumer goods such as cell phones, laptops and video game consoles will be delayed until Dec. 15. Other products will be removed entirely from the tranche of tariffs that had been slated to go into effect Sept. 1. The trade agency said it is removing the products due to "health, safety, national security and other factors."
The move comes almost two weeks after President Donald Trump announced Aug. 1 a proposed 10% tariff on $300 billion of Chinese goods to go into effect in September.
Shares of footwear giant Nike Inc. were up by 1.8% to $83.11 in midday trading on Aug. 13. Shares of Target Corp. rose 3% to $84.51, and Best Buy Co. Inc.'s shares climbed 5.6% to $70.72.
Department store operator Kohl's Corp.'s shares rose 2.6% to $50.53, while shares of rival Macy's Inc. rose 0.9% to $19.46. Nordstrom Inc.'s shares also were up, by 2.4% to $29.29.