Reports from Mexican officials that the tariffs might be avoided sparked the biggest US stock market rally since early January, with beaten-up semiconductor and automotive stocks in the lead. Autos would be worst hit by tariffs on Mexico, which sells about $40 billion of auto parts to the United States. Semiconductors are most at risk in a prospective tech war with China, because Asia accounts for more than half the sales of America’s most innovative chipmakers.

Excerpt from Mexican standoff in US equity markets

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