The three-month ceasefire in the trade war should offer a reprieve for United States companies which produce and sell in China.
Apple’s supply chain in China has also been under scrutiny. The tech giant’s stock fell last week after Trump suggested the U.S. might put a 10 percent tariff on iPhones. Bernstein analyst Toni Sacconaghi estimated about 25 percent of Apple’s revenue would be subject to such a tariff.
Trump crowed about the meeting with Xi in a tweet on Monday, saying “relations with China have taken a BIG leap forward!”