Stocks closed higher on Monday after the White House eased tariffs on smartphones, chips and computers.
The Dow Jones Industrial Average climbed 312.08 points, or 0.78%, while the S&P 500 and tech-heavy Nasdaq Composite rose 0.8% and 0.6%, respectively.
Customs and Border Patrol issued new guidance on reciprocal tariff negotiations late Friday, noting the exemption of those goods from President Donald Trump’s April 2 executive order which declared a national emergency due to non-reciprocal trade practices and structural imbalances in the global trading system.
Subsequent executive orders ramped-up tariffs on China to 125%.The updated guidance, which cites a presidential memorandum issued Friday, excluded the products from Trump’s 125% China tariff and his baseline 10% global tariff on some countries. They apply to goods that left a warehouse as of April 5.
Shares of U.S. automakers climbed during the session after Trump said he’s “looking at something to help some of the car companies.”
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