Trump exempts phones, computers, chips from new tariffs

Smartphones and computers are among many tech devices and components that will be exempted from new tariffs imposed by President Donald Trump, according to new guidance from U.S. Customs and Border Protection.

The guidance, issued late Friday evening, comes after Trump earlier this month imposed 145% tariffs on products from China, a move that threatened to take a toll on tech giants like Apple, which makes iPhones and most of its other products in China.

The guidance also includes exclusions for other electronic devices and components, including semiconductors, solar cells, flat panel TV displays, flash drives, and memory cards.These products could eventually be subject to additional duties, but they are likely to be far lower than the 145% rate that Trump had imposed on goods from China.

The exemptions are a win for tech companies like Apple, which makes more than 80% of its products in China. The country manufactures 80% of iPads and more than half of Mac computers produced, according to Evercore ISI.

“This is the dream scenario for tech investors,” Dan Ives, global head of technology research at Wedbush Securities, told CNBC. “Smartphones, chips being excluded is a game changer scenario when it comes to China tariffs.”

He added that the tariffs have been a “black cloud over tech since the day of liberation, because no sector was going to be more hurt than big tech.”

“I think ultimately big tech CEOs spoke loudly, and the White House had to understand and listen to the situation that this would have been Armageddon for big tech if were implemented,” Ives said.

In the days since Trump’s tariff announcement, Apple lost over $640 billion in market value, CNBC previously reported.