Apple (AAPL, Financial) gained more than 5% on Monday after the U.S. and China agreed to lower tariffs on each other's goods, offering temporary relief in ongoing trade tensions.

Under the deal, the U.S. will cut tariffs on Chinese imports to 30% from 145%, while China will reduce duties on American products to 10% from 125%. The changes are set to last for 90 days, during which both countries are expected to continue talks. The agreement was detailed in a Monday press release.

The development helped ease investor concerns about Apple's exposure to China-based manufacturing. Although a large share of iPhones are still assembled in China, Chief Executive Tim Cook recently said half of the company's U.S. iPhone supply now comes from India, where trade barriers are less severe.

Several major tech stocks moved higher following the announcement.

In a separate report, The Wall Street Journal said Apple is weighing a potential price increase for its iPhones this fall, citing unnamed sources.