Smartphones, computers, and other electronics will be spared from the steep tariffs President Donald Trump announced earlier this month, U.S. Customs and Border Protection said in guidance released late Friday night.
The move comes after concerns from Apple and other tech companies that rely on China to manufacture their products. Trump’s 145% tariff on Chinese imports sparked fears that prices for phones and laptops would soar. Apple alone lost more than $600 billion in market value in the days after the tariffs were announced.
According to the new guidance, electronics like semiconductors, solar cells, flash drives, and memory cards will also be exempt. The change applies to products brought into the U.S. since April 5.
“This is the dream scenario for tech investors. Smartphones and chips being excluded is a game-changer when it comes to China tariffs,” Dan Ives, Global Head of Tech esearch at Wedbush Securities, told CNBC.
He added, “I thi…