President Donald Trump tweeted late Wednesday that he will delay imposition of additional tariffs on $250 billion in Chinese goods scheduled to go into effect Oct. 1 until Oct. 15 as a “gesture of good will,” sending overnight stock futures higher.
Futures contracts on the Dow Jones Industrial Average and the S&P 500 rose 0.5% while those on the Nasdaq surged 0.7%.
The move comes amid signs that the trade war between the worlds two largest economies may be cooling off.
China this week said it’s holding off on imposing some of its retaliatory tariffs on U.S. goods.
U.S. stocks rose Wednesday on investor optimism over the improving tone of rhetoric on trade between Trump and Beijing.
….on October 1st, we have agreed, as a gesture of good will, to move the increased Tariffs on 250 Billion Dollars worth of goods (25% to 30%), from October 1st to October 15th.
— Donald J. Trump (@realDonaldTrump) September 11, 2019