Apple shares soared 15% on Wednesday after President Donald Trump announced a 90-day pause on planned “reciprocal tariffs” that would have impacted the company’s production hubs in Vietnam, India, and Thailand.
The rally boosted Apple’s market capitalization by over $400 billion, bringing it just shy of the $3 trillion mark.
It was the company’s best single-day performance since January 1998, when Steve Jobs was serving as interim CEO—three years before the launch of the first iPod.
Apple had been one of the biggest casualties of Trump’s tariff policies. Prior to Wednesday’s rebound, the company was in the middle of its worst four-day trading slump since 2000.
Investor concerns centered on Apple’s heavy reliance on hardware sales—most of which involve importing physical devices into the U.S.—making it especially vulnerable to trade disruptions.
Apple has been actively diversifying its supply chain in recent years to reduce dependence on China.
Wednesday’s tariff cuts—dropping Vietnam’s from 46% to 10% and India’s from 26% to 10%—could accelerate that shift. These reductions increase the likelihood that Apple will be able to supply a significant portion of its U.S. customer base from factories in countries with lower trade barriers.
