Apple leads tech stocks higher on Trump's temporary tech tariff reprieve

Key Points

  • Apple (AAPL) led the "Magnificent Seven" stocks higher after the Trump administration announced temporary tariff exemptions for tech products.
  • The exemptions cover consumer electronics, networking equipment, and computing products, representing $340 billion in global imports.
  • Apple's stock rose over 2% due to these exemptions covering nearly all its products.
  • The tech-heavy Nasdaq (^IXIC) rose 0.6% following the news.
  • President Trump indicated that the exemptions are temporary, with plans to impose tariffs on semiconductors and other tech products in the near future.

Summary

Apple Inc. (AAPL) spearheaded gains among the "Magnificent Seven" tech stocks on Monday following the Trump administration's announcement of temporary tariff exemptions for tech products. These exemptions, which include consumer electronics, networking equipment, and computing products, cover a significant portion of global imports, totaling $340 billion, with China accounting for $100 billion of the exclusions. Apple's stock surged over 2% as the exemptions encompass almost all of its product lines, from smartphones to smartwatches. The broader tech sector also benefited, with the Nasdaq (^IXIC) climbing 0.6%. However, President Trump clarified that these exemptions are temporary, hinting at future tariffs on semiconductors and other tech items. This news came after an initial market shock from Trump's earlier announcement of reciprocal tariffs, which had led to a $2 trillion drop in market capitalization for the tech giants. Despite the temporary relief, the tech industry remains in a state of flux, with ongoing negotiations potentially influencing future trade policies.

yahoo
April 14, 2025
Stocks
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