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Chip Stocks Rise Midday as Some Chinese Tariffs Delayed

Published 06/07/2019, 10:20 AM
Updated 06/07/2019, 10:28 AM
© Reuters.

Investing.com - Semiconductor companies were higher in midday trade Friday after news that the U.S. will delay tariffs on some Chinese products helped boost the sector.

Chinese exporters have another two weeks to get some products to the U.S. before tariffs are increasing, according to a U.S. government notice.

The Trump administration had increased tariffs from 10% to 25% on Chinese goods in order to pressure Beijing into making a trade deal.

The news helped lift semiconductor companies, as they rely on products and resources from China.

Micron (NASDAQ:MU) rose 0.4%, while Intel (NASDAQ:INTC) was up 0.6% and Qualcomm (NASDAQ:QCOM) gained 0.4%. Broadcom (NASDAQ:AVGO) was up 0.7%, while Nvidia (NASDAQ:NVDA) gained 1%.

Latest comments

sounds like Matthews is a fan of China stealing our technology, unfair wages, and market manipulation, just because he hates Trump
He is a China CCP paid operative
hope, hope, then, break down
Why do you say "rise" when it actually goes down?
Trump chickened out. Trump is beginning to realize American public will get a very rude awakening once prices of goods increase greatly because of Trump's reckless 25% tariff. When your pocket are hurt badly, there will be no illusion as to who pay Trump's tariff... not China, but American public! Trump is trying to delay while desperately hoping Xi will give him some sort of deal to avert the 25% tariff. Trump's 25% tariff will be devastating to American public if Trump fails to get a deal from Xi.
I suspect companies will find a way to ensure consumer prices stay as they are, or even lower them as they always do, before having to raise prices. They would be hurt by this, they know it, so they will try their hardest to avoid passing higher costs to consumers.
FYI - China detailed it's Yuan to offset the tariff. Check the charts.
You assume that US needs China. It's the other way around. There are a lot of willing markets to produce goods such as India and others in SE Asia.
TSMC is a Taiwanese company. not affected by the tariff anyway.
weak...
Evil trump
until TSMC pops wudnt b too confident as there foundries make half 50% of chips including the newest 7nm nodes which far as I know only Samsung has 7nm in production, south Korean wages must be higher then china and cant see Samsung taking over
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