Donald Trump exempts iPhones and laptops from tariffs after tech stocks plunge in major ‘game-changer scenario’

The Trump administration has excluded smartphones and other popular electronics from its new tariffs.The move is seen as a major win for Big Tech and comes as the White House tries to calm global markets amid growing trade tensions.The exemption removes around 20 tech products from Trump’s 125 per cent China tariff and 10 per cent global tariff, narrowing the scope of the trade levies.It’s a major boost for Big Tech and the first sign Trump may be softening his stance on China.A notice from US Customs and Border Protection confirmed the carve-out, which comes as the White House tries to steady global markets during its widening trade war.Items on the list include smartphones, computers, semiconductor-based transducers, solid-state storage devices, and flat panel displays.Routers and chipmaking equipment are also exempt from the reciprocal tariffs.Exemptions – backdated to April 5 – also include other electronic devices and components, including semiconductors, solar cells and memory cards.Dan Ives, who is the global head of technology research at Wedbush Securities, posted on X: “This is the dream scenario for tech investors. Smartphones, chips being excluded is a game-changer scenario when it comes to China tariffs.”Big tech firms such as Apple, Nvidia, Microsoft and the broader tech industry can breathe a huge sigh of relief this weekend, he added.The Trump administration had already excluded some sectors, like semiconductors and pharmaceuticals, from its new tariffs — but the US President has suggested these areas could still be targeted later.A White House official said on Saturday that a separate investigation into chip imports is coming and could lead to new tariffs “soon”.The temporary exemption is seen as a win for major tech firms like Apple, Nvidia and Microsoft. Apple in particular has taken a hit since the tariffs were announced on April 2 — losing nearly £700billion in market value within days. Analysts say about 80 per cent of its iPhones are still made in China, mostly at a Foxconn-run factory in Zhengzhou. While workers at the plant said operations were still running normally, many told the Financial Times they were worried about the impact of the trade war.In February, Apple pledged to invest $500bn in the US over the next four years. But the company declined to comment on the recent tariff exemptions.Chad Bown, a senior fellow at the Peterson Institute for International Economics, said the latest carve-outs echoed Trump’s earlier trade war tactics. “We’ll have to wait and see if the exemptions this time around also stick, or if the president once again reverses course sometime in the not-too-distant future,” he said.Trump himself has hinted that more US firms could be excluded from the tariffs, but added that these decisions would be made “instinctively”.Despite the exemptions, the White House confirmed that the new rules will not affect the separate 20 per cent tariffs aimed at Chinese imports linked to fentanyl production.White House spokesperson Karoline Leavitt said companies like Apple, TSMC and Nvidia are “hustling to onshore their manufacturing in the United States as soon as possible at the direction of the President.”President Trump has made it clear America cannot rely on China to manufacture critical technologies such as semiconductors, chips, smartphones, and laptops.”Economists have warned that the tariffs could raise prices and hurt growth in both the US and global economies.

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