The Trump administration is carving out huge tariff exemptions for the tech trade.

Whereas President Donald Trump mentioned Wednesday that he would delay many of the market-shaking tariffs that he’d introduced the earlier week, he stored a common baseline 10% tariff in place, whereas additionally rising tariffs on Chinese language items to 125% (on high of a 20% tariff that he’d already imposed on items from China).

There’s been loads of hypothesis about what the tariffs will mean for the tech industry, which manufactures many shopper electronics in China and elsewhere overseas. One among Trump’s acknowledged targets is to convey manufacturing again to the US, however others imagine the dream of an American-made iPhone is a fantasy.

These debates could also be paused after Friday night, when U.S. Customs and Border Safety posted a list of product categories which are “excluded from the reciprocal tariffs imposed below Government Order 14257,” with the exclusions backdated to April 5.

These classes seem to incorporate smartphones, laptops, exhausting drives, and semiconductors. These merchandise will all be exempt from each the 125% tariff on items from China, in addition to the common baseline tariff. (Different tariffs, such because the earlier 20% tariff on Chinese language items, would presumably nonetheless apply.)

Notable Silicon Valley figures led by Elon Musk have joined the Trump administration, whereas different tech CEOs have been courting Trump, most visibly with thousands and thousands of {dollars} donated to his inauguration. These efforts appeared to bear little fruit — till final night time’s announcement, which Daniel Ives, world head of expertise analysis at Wedbush Securities, described as “a dream situation for tech buyers.”

Tech giants like Apple and Nvidia are probably celebrating the information, as are U.S. customers who will keep away from a giant markup on their subsequent iPhone. However the trade might nonetheless be hit with extra focused tariffs and different restrictions. For instance, The New York Instances reviews that the Trump administration is preparing a national security-related investigation into semiconductors.