WASHINGTON (AP) — Responding to pressure from businesses and growing fears that a trade war is threatening the U.S. economy, the Trump administration is delaying most of the import taxes it planned to impose on Chinese goods and is dropping others altogether.

The announcement Tuesday from the Office of the U.S. Trade Representative was greeted with relief on Wall Street and by retailers who have grown fearful that the new tariffs would wreck holiday sales.

The administration says it still plans to proceed with 10% tariffs on about $300 billion in Chinese imports — extending its import taxes to just about everything China ships to the United States in a dispute over Beijing’s strong-arm trade policies.

But under pressure from retailers and other businesses, President Donald Trump’s trade office said it would delay until Dec. 15 the tariffs on nearly 60% of the imports that had been set to absorb the new taxes starting Sept. 1. Among the products that will benefit from the 3¢-month reprieve are such popular consumer goods as cellphones, laptops, video game consoles, some toys, computer monitors, shoes and clothing.

The administration is also removing other items from the tariff list entirely, based on what it called “health, safety, national security and other factors.”

The news sent the Dow Jones Industrial Average soaring more than 400 points in mid-afternoon trading.