Apple Enjoys Wall Street Boost After 145% China Tariff Exemption

Wall Street is off to a nice start this week, with the three major stock indexes and Apple, the world’s most valuable company, enjoying healthy gains on Monday morning. Those jumps follow the news this past weekend that smartphones and semiconductors are exempt from President Trump’s reciprocal tariffs against China — although there was some mixed messaging from members of his administration that added a bit of confusion before markets opened.

Thirty minutes into trading on Monday, the S&P 500 is up 1.13%, the Nasdaq has increased 0.85% and the Dow Jones has jumped 1.41%.

Apple is up 4.22%, which is a welcome sight for its shareholders, after the company saw nearly $1 trillion shaved from its market cap in the week following President Trump announcing his “liberation day” tariff plan on April 2. The company, led by CEO Tim Cook, has rebounded in the last few trading sessions, and now has a market cap of about $3.15 trillion; before the tariffs were announced earlier this month, the company had a $3.54 trillion valuation.

Here is how a number of other media and tech stocks are performing on Monday morning:

Meta: +0.17%
Google: +2.07%
Fox Corp.: +1.60%
News Corp.: +0.46%
Amazon: -0.79%
Disney: +1.21%
Comcast: +0.82%
WBD: +2.15%
Netflix: +1.37%
Roku: -0.46%
Snap Inc.: +0.25%

Monday’s solid start for Apple and other tech companies comes after it was revealed that a number of tech items were exempted from the 145% tariff against Chinese goods. The announcement, made by U.S. Customs and Border Protection on Friday, led to tech investors over the weekend expecting a big jump on Monday; that excitement was tempered a bit, after Commerce Secretary Howard Lutnick suggested on Sunday the tech carve-outs would be revisited in “a month or two.” The mixed messaging was then followed by President Trump posting on Truth Social on Sunday that certain devices were only being hit by the 20% tariff.

“NOBODY is getting ‘off the hook’ for the unfair Trade Balances, and Non Monetary Tariff Barriers, that other Countries have used against us, especially not China which, by far, treats us the worst!” he wrote.

Trump continued: “There was no Tariff ‘exception’ announced on Friday. These products are subject to the existing 20% Fentanyl Tariffs, and they are just moving to a different Tariff ‘bucket.’ The Fake News knows this, but refuses to report it. We are taking a look at Semiconductors and the WHOLE ELECTRONICS SUPPLY CHAIN in the upcoming National Security Tariff Investigations.”

As always, you will want to check back after the closing bell at 4 p.m. ET to see how another wild day of trading concluded.

The post Apple Enjoys Wall Street Boost After 145% China Tariff Exemption appeared first on TheWrap.