Shares of Apple (APPL) gained 1.83% on Monday to close at $201.55 after President Donald Trump promised not to levy tariffs of 25% on $300 billion of Chinese exports. Trump and Chinese leader Xi Jinping met over the weekend during the G20 summit in Osaka, Japan.

Wedbush analyst Daniel Ives said Apple was the biggest winner of the agreement. "With the positive step in the right direction announced between the two countries to not levy additional tariffs while negotiations continue, in essence this takes away the biggest risk on the Apple story for now," Ives wrote in a note to clients Monday.

Ives believes that Apple's stock price could go up by $20 to $25 in the coming months because of the deal.

The tariffs would've greatly affected the cost of Apple's iPhone, which is largely manufactured in China. The Consumer Technology Association said that price for an iPhone made in China would increase by roughly $70 in the U.S., while Apple laptops from China would cost as much as $120 more.

Apple's woes aren't over when it comes to China, however, as the slowing Chinese economy could have an impact. Bank of America Merrill Lynch analyst Wamsi Mohan said that Apple app store sales have had a weak showing during the second quarter in China, lowering his revenue growth expectations for the company in the fourth quarter from 21% to 17%.

Apple recently expanded its operations in China, by shifting its production of the new high-end Mac Pro there from the U.S.

Trump has pushed companies to keep their production in the U.S.

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