US stock markets were set for a rebound following President Donald Trump’s decision to exclude imports of smartphones and laptops from his tariff plan. This move, which lifted tariffs on products from companies like Apple and Nvidia for 90 days, was seen as a concession after pressure from Republican leaders concerned about rising smartphone costs and potential voter backlash. The exemption covers items such as laptops, smartphones, hard drives, and certain chips, sparing them from both China tariffs and the 10% baseline tariffs imposed on other countries. While the duration of the exemption remains unclear, China has responded with a 125% tariff on all US exports. Commerce Secretary Howard Lutnick indicated that the exemption may be lifted in 90 days, with plans for a specific tariff on the sector to encourage reshoring of products. Trump’s stance on tariffs has caused fluctuations in the stock market, with tech giants experiencing significant losses before a partial recovery. Despite Apple’s commitment to move some facilities back to the US, the company aims to maintain its international network as it expands sales. Trump’s tariff imposition in April had a negative impact on tech stocks, with a subsequent recovery as he paused tariffs on countries other than China. The ongoing trade tensions between the US and China continue to influence market dynamics and global supply chains.