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US stocks close higher after Trump delays China tariffs

Matthew Rocco in New York, Philip Georgiadis in London and Alice Woodhouse in Hong Kong

US stocks and China’s currency rallied sharply on Tuesday after Washington announced a delay to some additional tariffs on Chinese imports, allaying concerns over a trade row that many investors feared would tip the US into recession. The S&P 500 snapped a two-day losing streak and clawed back heavy losses from the prior day following the announcement from the Trump administration, while perceived haven assets such as US Treasuries, gold and the Japanese yen sold off. Chinese and Hong Kong equities followed the US benchmark higher with the Hang Seng up as much as 1.7 per cent at one point in morning trade and China’s CSI 300 adding as much as 1.4 per cent.