iQiyi Inc. (IQ), the Chinese video streaming platform, saw its stock soar by 5.18% in pre-market trading on Monday. This significant uptick comes as part of a broader rally among Chinese ADRs, following the US government's decision to suspend tariffs on a range of consumer electronics, many of which are manufactured in China.

The suspension of duties applies to various popular electronic items, including smartphones, laptop computers, and memory chips. This move by the US administration offers a temporary reprieve for markets that have been impacted by ongoing trade tensions between the United States and China. While the White House stated that this pause is part of a plan to apply different, specific levies to the sector, it has been interpreted by some analysts as a sign of willingness to compromise in trade negotiations.

The positive sentiment has spread across multiple Chinese stocks listed in the US, with companies like XPeng, JD.com, and Alibaba also seeing pre-market gains. This development suggests a potential easing of trade-related pressures on Chinese companies operating in the US market, at least in the short term. Investors will likely continue to monitor US-China relations closely, as any further developments could significantly impact the performance of Chinese ADRs like iQiyi.