Apple shares surged 15% on Wednesday, marking the company’s best trading day in over two decades. The rally came after President Donald Trump announced a 90-day pause on new reciprocal tariffs, which would have directly impacted Apple’s production hubs in Vietnam, India, and Thailand.
Market cap nears $3 trillion
The jump added more than $400 billion to Apple’s market value, bringing it just shy of the $3 trillion mark. For perspective, Apple was worth about $3 billion in 1998, the last time it saw a daily gain of this size—back when Steve Jobs was interim CEO and the iPod didn’t even exist yet.
Relief after a brutal selloff
Prior to the announcement, Apple was on its worst four-day streak since 2000. Concerns had been growing over Trump’s aggressive tariff push, especially since Apple earns most of its revenue from hardware that is imported into the U.S. While China still faces a steep 125% tariff, reductions on Vietnam (down to 10%) and India (also 10%) give Apple more flexibility to shift production and soften the blow.
A big win for Apple—and the market
The tariff pause sparked a broad market rally, with the Nasdaq Composite rising more than 12%, its second-best day in history. Apple has not yet commented publicly on the developments, but all eyes will be on CEO Tim Cook’s May 1 earnings call, where he’s expected to address the company’s evolving trade strategy.
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