Markets soared Tuesday morning following the Trump administration's decision to delay and revise its latest round of punitive tariffs against China. The Dow jumped more than 400 points while the S&P 500 and the Nasdaq Composite both rose roughly 2 percent.
Earlier this month, President Trump announced that U.S. would impose a 10 percent tariff on $300 billion worth of Chinese imports. The tariffs followed seemingly hollow trade talks in Shanghai and were set to go into effect on September 1.
Yet the U.S. Trade Representative (USTR) said on Tuesday that tariffs on certain products should be delayed until December 15. These included “cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing,” the USTR said in a statement.
The agency added that certain products will be removed all together from the targeted tariff list “based on health, safety, national security and other factors,” and that it will conduct an additional “exclusion process” on other products.
The earlier proposed tariff on $300 billion worth of goods would have essentially blanketed all Chinese imports, which totaled roughly $558 billion in 2018, with tariffs.
An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases. And National Taxpayer Advocate Erin Collins says those delays are “unconscionable.” Erin M. Collins said in the report released Wednesday that overall the 2024 filing season went smoothly, though IRS delays in resolving identity theft victim assistance cases are worsening. It took nearly 19 months to resolve self-reported identity theft cases as of January, and Wednesday's report states that now it takes 22 months to resolve these cases.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
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