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 new tariff guidance also includes exclusions for other electronics, including laptops, semiconductors, solar cells, flat panel TV displays, flash drives, memory cards and solid-state drives used for storing data.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.
In the days since Trump’s tariff announcement, Apple lost over $640 billion in market value, CNBC previously reported.
This is a developing story. Please check back for updates.
