Tariffs live: Trump makes major China tariffs concession as US-UK trade deal ‘only days away’

US president Donald Trump said that he would provide an update on his administration’s approach to semiconductor tariffs on Monday.

“I’ll give you that answer on Monday,” Mr Trump told reporters aboard Air Force One.

“We’re taking in a lot of money. As a country, we’re taking in a lot of money,” he added.

US president Donald Trump’s administration granted exclusions from steep reciprocal tariffs to smartphones, computers and some other electronics imported largely from China, providing a big break to tech firms like Apple that rely on imported products.

In a notice to shippers, the US Customs and Border Protection agency published a list of tariff codes excluded from the import taxes, with retroactive effect from 12:01am (local time) on 5 April.

It featured 20 product categories, including the broad 8471 code for all computers, laptops, disc drives and automatic data processing. It also included semiconductor devices, equipment, memory chips and flat panel displays.

The notice gave no explanation for the move, but the late-night exclusion provides welcome relief to major technology firms such as Apple, Dell Technologies and many other importers.

Mr Trump’s action also excludes the specified electronics from his 10 per cent “baseline” tariffs on goods from most countries other than China, easing import costs for semiconductors from Taiwan and Apple iPhones produced in India.