Apple’s stock jumped 6% on Monday, adding roughly $180 billion to its market cap after the U.S. and China agreed to a deal on reciprocal tariffs from 125% to 10% for 90 days. President Trump said he spoke with CEO Tim Cook about boosting Apple’s investments in America after the deal.
Beatrice Nolan for Yahoo Finance:
fter what Trump called “very friendly” discussions in Switzerland this past weekend, the two nations announced a 90-day agreement as part of a “total reset” in relations, with follow-up negotiations already planned. Under Monday’s agreement, the two countries will cut their reciprocal tariffs from 125% to just 10%.
Trump framed the development as a win for the U.S., telling reporters at the White House: “China was being hurt very badly. They were closing up factories they were having a lot of unrest and they were very happy to do something with us.”
The market surged on the news, with the S&P 500 gaining 3.26% led by a strong performance from tech companies. Apple and Amazon saw the biggest gains, with shares jumping 6.3% and 8.07% respectively.
Trump name-checked the company on Monday, announcing that he had spoken to the company’s CEO, Tim Cook, following the announcement.
“I spoke to Tim Cook this morning, and he’s going to, I think, even up his numbers,” the president told reporters in the Oval Office. “$500 billion, he’s going to be building a lot of plants in the United States for Apple. And we look forward to that.”
MacDailyNews Note: In February, Apple announced it would invest more than half a trillion dollars, adding 20,000 jobs in America over the next four years.
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