Things had certainly gotten a lot gloomier...until news hit that China held phone talks with U.S. officials.
The U.S. Trade Representative followed the news with an announcement that it would delay tariffs on several items that were to be included in the September 1 10 percent increase until December 15. That list of products includes cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing.
Stocks soared on the news, with the Dow rocketing over 400 points.
Jim Cramer said the move was all about Apple (AAPL) .
"If you shut down Apple, then the Dow goes down," Cramer said.
Catch his full take on tariffs in the video above.
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