Apple needed a win — and the tariff 'exemption' wasn't it

• Apple looked like it was off the hook for some tariffs.

• Then Donald Trump said there wasn't a tariff "exception" for tech products.

• The iPhone maker still doesn't know if it'll be free of tariffs that could impose high costs on China imports.

It was good while it lasted, but Apple's reprieve was short-lived.

On Friday, the iPhone maker appeared to be largely off the hook from Donald Trump's China tariffs after the US Customs and Border Protection announced an exemption for smartphones, laptops, and other tech gadgets.

That would have come as a relief to Apple CEO Tim Cook after the company had been hit by 145% tariffs on the goods it manufactures and assembles from its supply chain hub in China.

But on Sunday, there came a switch-up from Trump: he said the US tech industry wouldn't be free from additional tariffs after all.

Instead, tech products would be shifted to a different category of tariffs in the future, Trump said in a post to his social media plaform Truth Social.

"There was no Tariff 'exception' announced on Friday," Trump wrote. "These products are subject to the existing 20% Fentanyl Tariffs, and they are just moving to a different Tariff 'bucket.'"

He added, "We are taking a look at Semiconductors and the WHOLE ELECTRONICS SUPPLY CHAIN in the upcoming National Security Tariff Investigations."

Commerce Secretary Howard Lutnick backed this position in an ABC News interview on Sunday and confirmed that tariffs affecting iPhones may return in the next month or so.

The Trump administration has said its tariff strategy aims to bring more tech manufacturing to the US.

But where does this rapidly evolving situation leave Apple?

In the short term, it seems better than last week.

Apple was coming off its worst three-day stock decline since 2001, while analysts had predicted doom scenarios in which iPhones could cost consumers over $2,000 if it passed on costs to consumers.

The Friday exemptions were backdated to April 5. That's not insignificant for Apple, which Counterpoint Research estimates makes as much as 80% of its iPhones intended for the US in China.

So far, the market has reacted positively. Apple shares were up more than 3% on Monday morning. But any moves this week that put Trump's words on Truth Social into action could sour sentiment again.

This all subjects Apple to a constant whiplashing as it finds itself caught up in Trump's tariff strategy, and means it can't catch a break at all at a time when it's facing challenges elsewhere.