Apple adds $180 billion to its market cap as Trump reveals he spoke to CEO Tim Cook after China tariffs rollback

• Apple’s stock jumped 6% on Monday, adding roughly $180 billion to its market cap after the U.S. and China agreed to cut reciprocal tariffs from 125% to 10% for 90 days. President Trump said he spoke with CEO Tim Cook about boosting Apple’s U.S. investments after the news.

Apple shares jumped more than 6% following Monday’s announcement that the U.S. and China agreed to a truce in their escalating trade war. Apple’s market rally added around $180 billion to its now approximately $3.15 trillion market cap.

After what Trump called “very friendly” discussions in Switzerland this past weekend, the two nations announced a 90-day agreement as part of a “total reset” in relations, with follow-up negotiations already planned. Under Monday’s agreement, the two countries will cut their reciprocal tariffs from 125% to just 10%.

Trump framed the development as a win for the U.S., telling reporters at the White House: “China was being hurt very badly. They were closing up factories they were having a lot of unrest and they were very happy to do something with us.”

The market surged on the news, with the S&P 500 gaining 3.26% led by a strong performance from tech companies. Apple and Amazon saw the biggest gains, with shares jumping 6.3% and 8.07% respectively.

In a note, Wedbush’s Dan Ives called the development the “best-case scenario” from the weekend talks.

“With US/China clearly on an accelerated path for a broader deal we believe new highs for the market and tech stocks are now on the table in 2025 as investors will likely focus on the next steps in these trade discussions which will happen over the coming months,” he wrote.

Apple is particularly exposed to Trump’s trade war with China

Apple has been hard hit by Trump’s trade war with China as the country is a key manufacturing hub for the tech company.

Apple is particularly vulnerable as much of its supply chain for iPhones, Apple Watches, and iPads operates outside the U.S., primarily in Asia.

Morgan Stanley analysts previously estimated Trump’s tariffs could slash the company’s profits by 7% next year, cutting $8.5 billion from its bottom line.

Apple is reportedly already weighing a price increase for its fall lineup of iPhones, but the company has been trying to avoid a scenario where the price hikes can be blamed on U.S. tariffs, per the Wall Street Journal.

Back in April, key Apple goods—including iPhones and Macs—were granted relief from a handful of the steepest 145% levies.

Even after Sunday’s agreement, Beijing-made components will still incur a 30% charge, and Apple is also contending with a 10% tariff on products assembled in alternative hubs like India and Vietnam.

Trump name-checked the company on Monday, announcing that he had spoken to the company’s CEO, Tim Cook, following the announcement.

“I spoke to Tim Cook this morning, and he’s going to, I think, even up his numbers,” the president told reporters in the Oval Office. “$500 billion, he’s going to be building a lot of plants in the United States for Apple. And we look forward to that.”

Cook has already committed to spending $500 billion to beef up its U.S. operations, but experts say shifting Apple’s production line will take time and could increase prices in the short term.

Representatives for Apple did not immediately respond to a request for comment from Fortune.

This story was originally featured on Fortune.com