U.S. President Donald Trump's administration granted exclusions from steep tariffs on smartphones, computers and some other electronics imported largely from China, providing a big break to tech firms like Apple that rely on imported products.

The pause on duties on goods from smartphones to laptop computers and memory chips offers a temporary reprieve for markets ravaged by Trump’s fast-evolving trade policy. Volatility shows little signs of easing after the president signaled separate duties on consumer electronics and microchips are being planned.

Chinese ADRs surged on Monday. Alibaba rose 6%; XPeng, JD.com, and PDD Holdings rose 5%; Trip.com rose 4%; Tencent Music, Baidu, Li Auto, and NIO rose 3%; Bilibili rose 2%.