Apple stock up 5% after Trump delays China tariffs on iPhones

Apple’s stock rallied up to 5% higher today, thanks to the latest announcement from the US government. Earlier, the US government led by President Donald Trump announced that it will be adding a 10 percent tariff on electronics imported from China starting September 1st. Since most of the Apple products are imported from China, Apple would have paid more taxes.

However, the US government today announced that certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10 percent. Electronics including cell phones, laptop computers, video game consoles, certain toys, computer monitors and few others are included in this exemption list. It is important to note that this exemption is only temporary, increased tariffs will be applicable after Dec. 15.

The US government lead by President Donald Trump is recommending corporations to bring back manufacturing in to the US to avoid import tarrifs.

Source: CNBC