Apple has erased all the gains it made since Friday’s iPhone exemption news
Late Friday, US Customs and Border Protection posted a notice that smartphones, computers, and semiconductor equipment would be exempted from the 125% reciprocal tariffs in China, which sent Apple stock soaring.
Apple manufactures the vast majority of its iPhones in China and the older tariffs would have been devastating. By Monday, the Trump administration had clarified that Apple wouldn’t be “off the hook,” and instead would face sector-based tariffs for goods with semiconductors. Still investors hoped those wouldn’t be nearly as bad as the tariffs on China and the stock was up 5% in premarket trading at the beginning of the week. Now, halfway through the week, Apple has erased those gains.
While the stock’s gains since the announcement have vanished, it’s worth noting that the run-up in the shares on Friday was largely attributable to a flurry of chatter that the exemption was coming.
