Trump wants manufacturing to come to the U.S., and is hoping to incentivize companies into making the move by raising tariffs on some of the country’s largest trading partners. Apple has since moved the building of iPhones that are set to be shipped to the U.S. to India from China in an effort to avoid the most hefty of Trump’s levies.

While Apple is unlikely to start making iPhones in the U.S., investors seem to think that increased manufacturing commitments more generally could help secure better tariff treatment.

Apple stock was on course for a second day of solid gains, after President Trump said late Wednesday the iPhone maker and other tech companies could avoid 100% chip tariffs by [investing in U.S. manuf