While Trump promises new tariffs for tech products, Apple seems to have avoided the worst-case scenario, as smartphones are exempt from the current reciprocal tariffs against China.

The United States government is trying to upend global supply chains with China, slapping a tariff rate approaching 150% as of this writing on imports from China into the U.S. Multinational corporations are getting caught in the middle. Apple ( AAPL 3.95%) may be the company with the worst exposure.

Apple (AAPL) stock surged more than 5% in Monday morning trading after U.S. Customs and Border Protection announced a temporary exemption for smartphones, laptops, and other electronics from President Donald Trump’s newly imposed 145% reciprocal tariffs on Chinese goods.