(Bloomberg) -- Global technology stocks climbed Monday after the Trump administration provided crucial albeit fleeting tariff relief for battered electronics and semiconductor makers.

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President Donald Trump on Friday published measures exempting smartphones, computers and other electronics from its so-called reciprocal tariffs. That helped fuel a 4.4% rally in shares of Apple Inc., and a 3.2% gain across Europe’s tech sector.

The relief is crucial for Apple, whose products rely heavily on supply chain partners in China. Chip-equipment companies like ASML Holding NV also dodged the tariff threat for now. Although Trump said the exemptions will be temporary, some investors are optimistic that the reprieve may open a window for companies and lobbyists to seek better terms.

“The market is trying to look through the noise and assuming we will end up in a negotiated endgame that is more favorable than current terms,” said Matthew Haupt, a portfolio manager at Wilson Asset Management in Sydney. Still, “the amount of conflicting statements and policy on the run makes it impossible to trade short term.”

US chipmakers broadly advanced, with Nvidia Corp. rising 0.76% and Micron Technology Inc. gaining 3.7%. Computer makers Dell Technologies Inc. and HP Inc. rallied, while consumer electronics retailer Best Buy Co. Inc. rose 4.1%.

An MSCI gauge of tech stocks in Asia Pacific edged up by 0.8%. In Taiwan, iPhone assembler Hon Hai Precision Industry Co. closed up 3%. Hong Kong-listed PC maker Lenovo Group Ltd., which gets about one-third of its sales from the Americas, also gained.

Friday’s exemptions — published by US Customs and Border Protection — narrowed the scope of the levies by excluding the products from Trump’s 125% China tariffs and his baseline 10% global tariff on nearly all other countries. A 20% tariff still applies to electronics shipped from China.

US Commerce Secretary Howard Lutnick insisted that it was only a pause, though the new tech levies will almost certainly be lower than the 125% rate on China. Trump later said that details on a tariff rate for semiconductors would be announced in the coming week.

“I think it is ‘net’ reprieve, as the bet that electronics will still be less than the 125% reciprocal on China and that companies get to build buffers now,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank.