Electronics imported to the United States will be exempt from President Donald Trump's reciprocal tariffs, according to a US Customs and Border Protection notice posted late on Friday.
Smartphones, computer monitors and various electronic parts are among the exempted products. The exemption applies to products entering the United States or removed from warehouses as early as 5 April, according to the notice.
The move comes after the Trump administration imposed a minimum tariff rate of 145% on Chinese goods imported to the United States. The tariffs would have had a major impact on tech giants like Apple, which manufacture iPhones and other products in China.
Roughly 90% of Apple's iPhone production and assembly is based in China, according to Wedbush Securities' estimates.
Analysts at Wedbush on Saturday called the tariff exclusion, "the best news possible for tech investors."
“Big Tech firms like Apple, Nvidia, Microsoft and the broader tech industry can breathe a huge sigh of relief this weekend into Monday,” Wedbush said in a statement. “A big step forward for US tech to get these exemptions and the most bullish news we could have heard this weekend… now onto the next step in negotiations on the broader China tariff war which will take a number of months at least.”
Nvidia declined to comment to CNN. Microsoft and Apple did not immediately respond to a request for comment.
Counterpoint Research, a firm that monitors global smartphone shipments, estimated Apple has up to six weeks of inventory in the United States. Once that supply runs out, prices would have been expected to go up.
President Donald Trump had told reporters on Friday on Air Force One that there could be possible exclusions to his sweeping tariffs.
“There could be a couple of exceptions for obvious reasons, but I would say 10% is a floor,” Trump said.
The White House has not responded to CNN's request for comment.
Economists have warned that the cost of tariffs may ultimately be passed on to the consumer. That fear has sent many Americans rushing to buy big-ticket items, such as cars and electronics, as consumer confidence has dropped to record lows.