In all, 20 categories of products are affected. The biggest impact is on imports from China, because of the heights to which tariff rates had risen in recent days. In addition to the reciprocal tariffs, the Trump administration has imposed tariffs of 20% on Chinese imports over that nation’s role in the fentanyl trade, which the White House said aren’t subject to the exemptions.

The reprieve was the latest twist in a turbulent week for U.S. trade policy and could benefit companies such as Apple, Samsung, HP, Dell Technologies and Microsoft that manufacture electronics outside the U.S. The change could effectively erase the latest tariffs that were imposed on many consumer electronics.

“My hope would be that they’re pulling back from the brink and finding a way to stabilize markets,” said Adam Thierer, a senior fellow at the R Street Institute think tank focused on technology and innovation. “Technology companies, analysts and investors are breathing a brief sigh of relief and hoping for a return to normalcy.” 

Thierer and other experts have warned that tariffs on tech products would undermine the U.S. in its artificial-intelligence race with China. Ongoing trade uncertainty will still be a challenge, he said.

If the exemptions last, they could mark an initial victory for the tech industry in the new Trump administration. Executives flocked to Mar-a-Lago after Trump was elected and donated millions of dollars to his inauguration. So far, their efforts hadn’t resulted in many public victories. Many of the companies continue to face antitrust cases and are lobbying for favorable AI regulation. 

Some analysts said the exemptions would lift markets when futures trading opens Sunday evening. “It could be a tech rally for the ages,” said Dan Ives, managing director at Wedbush Securities.

The exempted tech products accounted for roughly $100 billion in U.S. imports from China in 2024, according to Census Bureau data, or 23% of total imports from the country. Last year, 26% of all imports of the excluded products were from China—but 81% of smartphones and 78% of computer monitors came from there.

Trump hinted at exemptions when he spoke to reporters late Friday on Air Force One. “There could be a couple of exceptions for obvious reasons, but I would say 10% is a floor,” Trump said.

Earlier, administration officials said that the tariffs on China would encourage the manufacturing of electronics in the U.S. Commerce secretary Howard Lutnick last Sunday told CBS News that “great American workers” would build and operate new factories in the U.S. and an “army of millions and millions of human beings screwing in little screws to make iPhones, that kind of thing, is going to come to America.”

On Saturday, Leavitt said that “President Trump has made it clear America cannot rely on China to manufacture critical technologies such as semiconductors, chips, smartphones, and laptops.” She added, “Companies are hustling to onshore their manufacturing in the United States as soon as possible.”

Microsoft, Google and Apple declined to comment.

Some analysts say the exemptions highlight the chaotic nature of Trump’s trade policy, adding that it is unrealistic to onshore manufacturing in many industries due to high labor costs and other factors. There are no substitutes for these products in the U.S. and price increases would be unpopular as consumers have been battered by high inflation in recent years.

“We welcome [this] action on exemptions and encourage the administration to continue to take steps towards a comprehensive exclusion process,” said Sean Murphy, executive vice president of policy at the Information Technology Industry Council, a trade group.

Trump will issue a Section 232 study on semiconductors soon, according to a White House official, referring to a section of trade law that allows a president to adjust imports that pose a threat to national security. Section 232 investigations have resulted in tariffs in the past, and many of the tech products exempted on Friday may be affected if semiconductors face additional levies.

Some tech firms are bracing for more volatility. Lutnick recently called some computer-industry chief executives and told them consumer products would be part of the coming semiconductor action, according to a person familiar with the matter. 

Tech executives generally haven’t criticized Trump’s tariffs publicly. Only a few tech companies, including Hewlett Packard Enterprises and Dell Technologies, have reported earnings since trade uncertainty surged in February. They warned that tariff uncertainty would ding business.

White House officials said they are in the process of negotiating trade deals and have been approached by more than 70 countries, although details have been scarce and it is unclear how much progress has been made. Administration officials said they have held initial discussions with Japan, Taiwan and Israel. 

Trump told reporters on Friday he is “very comfortable” with where tariffs are currently set with China but expressed optimism that he will be able to reach some kind of deal with President Xi Jinping.