US exempts smartphones, computers from 'reciprocal tariffs'

WASHINGTON -- The US Customs and Border Protection announced in an updated guidance late Friday that the government has exempted smartphones, computers and other electronic products from its "reciprocal tariffs."

The document stated that the exemption applies to electronic products entering the United States after April 5, and "reciprocal tariffs" already paid can be refunded upon request.

"This is a massive U-Turn in tariff policy," said the Kobeissi Letter, a financial newsletter on social media X.

The latest announcement could potentially cushion consumers from sticker shock while benefiting electronics giants including Apple Inc and Samsung Electronics Co, according to Bloomberg.

The broad and unpredictable tariff policies have triggered turbulence in financial markets and even drawn criticism from key figures within the Republican Party, including former Vice President Mike Pence.