Apple regains $3 trillion market cap after Trump exempts tariffs on iPhones
Apple CEO Tim Cook greets former President Barack Obama at the inauguration of U.S. President Donald Trump at the U.S. Capitol Rotunda in Washington, D.C., on Jan. 20, 2025.
Julia Demaree Nikhinson | Getty Images
Apple shares rose more than 2% on Monday, pushing the company’s market cap back above $3 trillion, as Wall Street expressed some level of relief that the iPhone maker will be able to withstand President Donald Trump’s widespread tariffs.
Late Friday, the Trump administration announced that phones, computers and chips were exempted from new tariffs. Apple is among the most exposed companies to Trump’s tariffs because the majority of its iPhones, iPads and MacBooks are manufactured in China and other Asian countries. Trump has called for Apple to make its products in the U.S.
Most of Apple’s critical imports were exempted from the tariffs, a move that Wall Street analysts said could save Apple billions in costs. However, administration officials warned over the weekend that the exemptions were temporary and could change over the coming weeks.
“I speak to Tim Cook. I helped Tim Cook, recently, and that whole business,” Trump said Monday in a briefing with reporters in the Oval Office, referring to Apple’s CEO. “I don’t want to hurt anybody, but the end result is we’re going to get to the position of greatness for our country.”
Uncertainty about what the future holds helps explain Apple’s relatively muted gain on Friday. The stock is still down almost 9% in April after falling more than 8% in March. The 11% drop in the first quarter marked Apple’s worst performance since 2023.
Apple is the most valuable publicly traded U.S. company once again, edging out Microsoft.
Apple fell below the $3 trillion mark on April 4, two days after Trump announced “reciprocal tariffs” that would place significant duties on China and countries where the company does manufacturing.
The stock rallied last week after Trump announced his administration was dropping new tariff rates to 10% on imports from countries other than China, which would face tariffs as high as 145%.
Analysts at Morgan Stanley wrote in a note Monday that the latest news from the White House brings Apple’s “annualized tariff cost burden” to $7 billion, down from $44 billion as of Thursday.
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