US stock markets expected to recover after Trump drops tariffs on mobiles

Group 1 - US stock markets are expected to recover following Trump's exclusion of smartphones and laptops from tariffs, which is anticipated to boost shares of Apple and Nvidia [1][2] - The temporary exemption is viewed as a response to pressure from Republican leaders concerned about rising smartphone costs potentially affecting voter sentiment [2][5] - US retailers import approximately 80% of smartphones, many from China, which currently faces tariffs totaling 145% [2][3] Group 2 - US Customs and Border Protection confirmed that laptops, smartphones, and certain chips will be exempt from tariffs, avoiding both the China tariff and a 10% baseline tariff on other countries [3][5] - Trump indicated that more specific exemption rules would be announced, emphasizing that the US has been profiting from trade, particularly with China [4][6] - The US commerce secretary stated that the reprieve is likely temporary, with plans for a specific tariff on the sector to encourage reshoring of manufacturing [5][6] Group 3 - Apple has committed to relocating some facilities back to the US over the next four years, with an estimated cost of $500 billion, including a new factory in Texas for AI servers [8] - The recent tariff imposition led to significant losses for major tech companies, with a total decline of $2.1 trillion, or 14% of their value, before recovering after the tariff pause [9]