Apple shares surge after Trump delays tariffs

Apple shares surge after Trump delays tariffs
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The Trump administration’s decision to hold off on imposing tariffs on certain Chinese goods sent Apple’s stock price surging Tuesday morning.

Apple’s shares shot up nearly 5 percent after the announcement before leveling off up around 4 percent.

The Office of the U.S. Trade Representative announced earlier that it would delay tariffs on goods like “cell phones, laptop computers, video game consoles, certain toys, computer monitors and certain items of footwear and clothing” until Dec. 15.

The office also said that it would release a list of goods that would be exempted from the 10 percent tariff that goes into effect on Sept. 1.

A spokesman for Apple did not immediately respond when asked for comment.

The company’s supply chain relies heavily on China for manufacturing, and it has felt the impact of President TrumpDonald John TrumpKaine: Obama called Trump a 'fascist' during 2016 campaign Kaine: GOP senators should 'at least' treat Trump trial with seriousness of traffic court Louise Linton, wife of Mnuchin, deletes Instagram post in support of Greta Thunberg MORE's trade war.

Throughout the month of May, as the two countries escalated the fight by trading tariffs, Apple’s stock dropped nearly 17 percent.