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Investing.com -- Apple shares have climbed 3.2% in premarket trading on Wednesday after U.S. President Donald Trump said tariffs on Chinese imports could drop “substantially” if a trade agreement is reached between the two countries.
Speaking to reporters in Washington on Tuesday, Trump signaled a softer stance ahead of new trade talks. “It will come down substantially, but it won’t be zero,” he said of the tariffs.
He added that he planned to be “very nice” to China in the negotiations.
The remarks have resulted in global markets rallying, with the S&P 500 and Nasdaq each closing Tuesday up more than 2.5%.
The rebound extended into Asia and Europe, where major indexes posted gains on Wednesday.
The Nikkei 225 rose 1.9%. In Europe, the DAX has risen 2.4%, the FTSE 100 is up 1.1%, and the CAC 40 has gained 1.9%.
Investors responded positively to the possibility of reduced trade tensions, which have weighed heavily on multinational companies like Apple with extensive supply chains in China. Apple shares (NASDAQ:AAPL) have fallen over 19% so far this year.
Apple, in particular, has been seen as vulnerable to escalating tariffs, as it manufactures many of its products in China and generates a significant portion of revenue there. Any reduction in trade barriers could help ease cost pressures and bolster margins.
Investor sentiment was further buoyed by Trump’s statement that he has “no intention” of removing Federal Reserve Chair Jerome Powell, following days of criticism.