U.S. stocks jumped in early trading on Monday following the White House announcement that key consumer electronics would be temporarily exempted from President Donald Trump’s reciprocal tariffs.
The Dow Jones Industrial Average rose 450 points, or 1.1%, while the S&P 500 climbed 1.7%. The tech-heavy Nasdaq increased 2.3%.
Apple, which relies on a supply chain based largely in China, saw shares soar 5.5%.
Shares climbed for the other so-called “Magnificent Seven,” a group of tech giants that helped drive stock market gains in recent years.
Electronic chipmaker Nvidia jumped 2.2%, while Google-parent Alphabet increased 2%.
Tesla, the electric carmaker led by Elon Musk, ticked up nearly 2%.
Smartphones, computers, flat panel TV displays, memory chips, semiconductor-based storage devices and other electronics are among the items excluded from the Trump administration’s reciprocal tariffs, according to a bulletin from the U.S. Customs and Border Protection published Friday night.
The news suggested possible relief for tech companies concerned by Trump’s 145% tariffs on all goods from China. But the president and his economic advisers stressed over the weekend that any reprieve would be temporary, with specific tariffs to be imposed on goods put under a new national security classification.
Trump posted to Truth Social on Sunday saying there was “was no Tariff ‘exemption’ announced on Friday” and that semiconductor tariffs will “just be moving to a different Tariff ‘bucket.'”
“NOBODY is getting ‘off the hook’ for the unfair Trade Balances, and Non Monetary Tariff Barriers, that other Countries have used against us, especially not China which, by far, treats us the worst!” Trump wrote.
“We are taking a look at Semiconductors and the WHOLE ELECTRONICS SUPPLY CHAIN in the upcoming National Security Tariff Investigations,” Trump added.
Trump did not push back Saturday night when a reporter asked for details on “exemptions.”
“I’ll give you that answer on Monday. We’ll be very specific on Monday,” Trump said. “We’re taking in a lot of money. As a country, we’re taking in a lot of money.”
A woman walks past a stock quotation board showing Nikkei share average outside a brokerage in Tokyo, Japan, on April 14, 2025.
Kim Kyung-hoon/Reuters
The upsurge in U.S. shares followed market gains in Asia and Europe.
Hong Kong’s Hang Seng index led the regional gains, closing 2.4% up with the Hang Seng Tech Index up more than 2%.
On the mainland, Shanghai’s Composite Index rose 0.76% and Shenzen’s Component Index rose 0.51%.
In Japan, the Nikkei 225 in Tokyo rose 1.18% while the broader Topix index rose nearly 0.9%.
Elsewhere, South Korea’s Kospi index grew 0.95% and Australia’s S&P/ASX 200 closed 1.34% higher. Taiwan’s Taeix index slipped by 0.08%.
Tech stocks performed particularly well. Tokyo Electron grew 2%, Advantest — a testing equipment maker — rose 5.4% and South Korea’s Samsung Electronics gained 1.4%.
In Europe, the pan-continental STOXX 600 rose 1.8% on opening. Germany’s DAX index rose more than 2%, France’s CAC 40 rose 1.9% and Britain’s FTSE 100 rose 1.95%.
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, on April 14, 2025.
Ahn Young-joon/AP
ABC News’ Selina Wang, Fritz Farrow and Joe Simonetti contributed to this report.
