Shares of Nvidia Corp (NASDAQ:NVDA) and Tesla Inc. (NASDAQ:TSLA) climbed 3.57% and 2.61%, respectively, during Monday pre-market trading session, after President Donald Trump softened stance on China tariffs.
Magnificent Seven Stocks Rise As Trump Signals Trade Calm
The other Magnificent Seven stocks, Amazon.com Inc. (NASDAQ:AMZN), Apple Inc. (NASDAQ:AAPL), Microsoft Corp (NASDAQ:MSFT) rose 2.05%, 1.68%, 1.57%, each, while Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) and Meta Platforms (NASDAQ:META) climbed 1.68% and 1.5%, respectively.
China reiterated its position on the trade war, stating that while they do not seek it, they are not afraid of it. This statement came in response to the U.S. decision to walk back on its latest tariff escalation with China.
President Trump took to Truth Social to reassure the public, stating, “Don’t worry about China, it will all be fine,” and suggesting a potential de-escalation following a difficult moment for President Xi.
Meanwhile, Tesla reported a 25.15% month-over-month growth in its China sales, indicating the country’s importance as a market amid the trade tensions.
China Clarifies Stance On Rare Earth Export Controls
A spokesperson for the Chinese Ministry of Commerce also clarified that China’s new export controls on rare earths were not bans, but measures to regulate civilian use.
China accused Washington of a “textbook double standard”, pointing out that the U.S. has over 3,000 items on its export controls list, compared to China’s 900.
US-China Trade Tensions May Shift as Vance Sees Leverage
The ongoing trade tensions between the U.S. and China have been a major point of concern for global markets. The recent developments suggest a potential shift in the dynamics of this conflict, with China maintaining a strong stance while the U.S. signals a possible de-escalation.
Meanwhile, Vice President JD Vance asserted that the U.S. holds a stronger position than China in the ongoing trade tensions. He expressed optimism that Beijing will opt for a "reasonable" approach.
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