It’s been a wild day for the global economy. Amid US tariff turmoil and reversals, the stock market went on quite the ride. After nearly a week of big losses, Apple stock rebounded significantly with more than 15% in gains—a result not only of the current tariff pause, but likely also exemption optimism thanks to new comments from President Trump.
Rebounding Apple stock likely buoyed by exemption possibility
Apple’s stock started the day at $171.95, a recent low in light of looming tariffs and an escalating trade war between the US and China.
But following word that the most severe global tariffs were on a 90-day pause, the stock soared and closed at $198.85. This represents more than a 15% increase, though it’s still down from pre-tariff numbers that hovered above $200.
The temporary de-escalation is undoubtedly a big part of today’s increases.
So too, I suspect, is Trump’s indication that certain US companies may be getting tariff exemptions.
Annie Linskey writes for The Wall Street Journal:
President Trump said Wednesday that he’s considering granting some U.S. companies an exemption from his tariff program. “There are some that have been hard,” Trump told reporters when asked about companies requesting exemptions. “There are some that, by the nature of the company, get hit a little bit harder. We’ll take a look at that.”
9to5Mac’s Take
Apple received tariff exemptions during Trump’s first administration, and at least some analysts seemed to believe the same would happen this time around.
Though nothing is confirmed, it wouldn’t be too surprising for Apple to be singled out as one of the companies that could “get hit a little bit harder” by tariffs. The company’s supply chain is heavily based in China, the one place US tariffs are still escalating.
In fact, Trump name-dropped Apple when discussing tariffs this afternoon:
“Look at Apple, Apple is going to spend $500 billion building a plant. They wouldn’t be doing that if I didn’t do this. They’d just keep building them in China, and that’s unsustainable.”
Yes, I’d say exemptions for Apple seem very likely at this point.
Best iPhone accessories
FTC: We use income earning auto affiliate links. More.
GIPHY App Key not set. Please check settings