Apple regains $3 trillion market cap as Trump grants tariff exemption on iPhones

After suffering sharp losses in recent days, Apple shares surged more than 2% on Monday, pushing the tech giant’s market cap back above the $3 trillion mark. The rebound follows a relief-driven rally on Wall Street, sparked by the Trump administration’s announcement to temporarily exempt phones, computers, and chips from new tariffs.

Apple, which relies heavily on Chinese manufacturing, has been seen as particularly vulnerable to the proposed reciprocal tariffs. The new exemptions, announced late Friday, are a big win for Apple—potentially saving the company billions. Analysts at Morgan Stanley estimate that Apple’s tariff-related cost burden has now dropped significantly—from $44 billion to just $7 billion.

Still, Apple isn’t out of the woods. Despite Monday’s 2% gain, the stock remains down nearly 9% for April and fell 11% in the first quarter, marking its worst quarterly performance since 2023.

President Trump, who has previously urged Apple to bring manufacturing to the U.S., claimed Monday that he “helped Tim Cook,” but reaffirmed his focus on achieving economic “greatness” for the country. That means the tariff reprieve could be short-lived, as exemptions may be rolled back at any time.

For investors, the announcement offers a brief moment of optimism—but uncertainty looms. Many are keeping a close eye on Apple’s long-term cost structure and its ability to adapt to ongoing trade tensions.

For now, Apple has once again surpassed Microsoft to reclaim its title as the most valuable publicly traded U.S. company. As geopolitical shifts continue to shape global trade, Apple’s future will depend on how well it navigates a rapidly changing manufacturing landscape.

What’s your take? Could the trade war hit Apple harder in the months ahead? Drop your thoughts in the comments below.