US stocks close higher amid Trump tariff exemptions for electronics

U.S. stocks closed higher on Monday following the White House announcement that key consumer electronics would be temporarily exempted from President Donald Trump's reciprocal tariffs.

The Dow Jones Industrial Average rose 312 points, or 0.7% at the close of trading. The S&P 500 climbed 0.8%, while the tech-heavy Nasdaq increased 0.6%.

Speaking at the White House on Monday, Trump signaled a willingness to ease tariffs further, saying he is looking to "help some of the car companies" in the aftermath of 25% auto levies.

Smartphones, computers, flat panel TV displays, memory chips, semiconductor-based storage devices and other electronics are among the items excluded from the Trump administration's reciprocal tariffs, according to a bulletin from the U.S. Customs and Border Protection published Friday night.

The news suggested possible relief for tech companies concerned by Trump's 145% tariffs on all goods from China. But the president and his economic advisers stressed over the weekend that any reprieve would be temporary, with specific tariffs to be imposed on goods put under a new national security classification.

Trump posted to Truth Social on Sunday saying there was "was no Tariff 'exemption' announced on Friday" and that semiconductor tariffs will "just be moving to a different Tariff 'bucket.'"

"NOBODY is getting 'off the hook' for the unfair Trade Balances, and Non Monetary Tariff Barriers, that other Countries have used against us, especially not China which, by far, treats us the worst!" Trump wrote.

"We are taking a look at Semiconductors and the WHOLE ELECTRONICS SUPPLY CHAIN in the upcoming National Security Tariff Investigations," Trump added.

'A step back from the cliff for tech companies'

Major tech stocks mostly surged on Monday.

Apple, which relies on a supply chain based largely in China, saw shares climb 2.2%.

"It's a step back from the cliff for tech companies," Dan Ives, a managing director of equity research at the investment firm Wedbush, told ABC News.

Stock movements proved mixed for the other so-called "Magnificent Seven," a group of tech giants that helped drive stock market gains in recent years.

Google-parent Alphabet increased 1.2%. Tesla, the electric carmaker led by Elon Musk, inched up 0.05%.

Facebook-parent Meta dropped 2.2%, while Microsoft fell 0.1%. Chipmaker Nvidia declined 0.1%.

Trump's tariff announcements have driven sharp volatility in recent weeks, meaning the upswing for tech stocks could reverse itself, Ives said.

"Nothing is off the table and things could change in 15 minutes," Ives said. "At least on Monday, things are in a better position than they were on Friday, from a tech perspective."

Trump did not push back Saturday night when a reporter asked for details on "exemptions."

"I'll give you that answer on Monday. We'll be very specific on Monday," Trump said. "We're taking in a lot of money. As a country, we're taking in a lot of money."

Market gains in Asia and Europe

The upsurge in U.S. shares followed market gains in Asia and Europe.

Hong Kong's Hang Seng index led the regional gains, closing 2.4% up with the Hang Seng Tech Index up more than 2%.

On the mainland, Shanghai's Composite Index rose 0.76% and Shenzen's Component Index rose 0.51%.

In Japan, the Nikkei 225 in Tokyo rose 1.18% while the broader Topix index rose nearly 0.9%.

Elsewhere, South Korea's Kospi index grew 0.95% and Australia's S&P/ASX 200 closed 1.34% higher. Taiwan's Taeix index slipped by 0.08%.

Tech stocks performed particularly well. Tokyo Electron grew 2%, Advantest -- a testing equipment maker -- rose 5.4% and South Korea's Samsung Electronics gained 1.4%.

In Europe, the pan-continental STOXX 600 rose 1.8% on opening. Germany's DAX index rose more than 2%, France's CAC 40 rose 1.9% and Britain's FTSE 100 rose 1.95%.

ABC News' Selina Wang, Fritz Farrow and Joe Simonetti contributed to this report.