In fiscal 2025, the company expects its revenue mix with businesses headquartered in mainland China and Hong Kong to be approximately "mid-teens percent" of its worldwide revenue. Micron has a 14.9% net margin, so tariffs would’ve caused hundreds of millions in lost earnings.

Stock market futures in the U.S. surged on Monday as the U.S. and China agreed to temporarily de-escalate their trade war.

The Trump administration and China have agreed to slash tariffs for the next 90 days in a push to deescalate a trade war between the two countries.