US stock markets rose on Monday after the White House said tariffs on imports of Chinese-made smartphones and some other electronics devices would not apply.
The rollback, issued early on Saturday, may end up being short-lived after President Donald Trump said these goods were simply being moved into a different tariff group or “bucket”.
In Europe, the UK’s FTSE 100 closed up 2.1% while the main stock indexes in France and Germany both climbed.
Despite the partial rebound, global stock markets are still lower than before Trump’s “Liberation Day” tariffs announcement on 2 April.
The main US and European stock markets suffered historic falls followed by record rises after Trump suspended many tariffs for 90 days.
Most imports from China to the US had faced a levy of 145% under Trump’s new trade regime. Beijing responded with its own 125% tariffs on American products coming into China.
The Trump administration is expected to announce…
