Some tariffs to be delayed until Dec. 15 on items including smartphones, laptop computers and toys.

The Trump administration abruptly suspended plans to impose new tariffs on about $156 billion in goods from China, saying the move was driven by concerns about the impact an escalating trade fight would have on businesses and consumers ahead of the holiday shopping season. The shift fueled a rally on Wall Street, sending the Dow Jones Industrial Average up 1.44% to 26279.91. But it wasn’t immediately clear if the retreat marked a significant step toward resolving the more than yearlong trade conflict between the U.S. and China. Under the reprieve, the U.S. agreed to postpone until Dec. 15 tariffs of 10% on smartphones, laptops, toys, videogames and other products that were set to take effect on Sept. 1. The value of those goods imported in 2018 was about $156 billion, according to a Wall Street Journal analysis. Tariffs on other items, including tools, apparel items and some footwear, will still go into effect on Sept. 1. Those goods had a value of about $107 billion last year, according to the analysis. The U.S. said tariffs on some products, such as bibles and shipping containers, would be removed from the tariff lists entirely.

More From The Wall Street Journal (subscription required):