India, April 12 -- The Trump administration late Friday said that it would exclude several electronics, including laptops and smartphones, from reciprocal tariffs. A new guidance from US Customs and Border Protection listed these items, which are not usually manufactured in the US. This comes as the president earlier this month imposed 145% tariffs on products from China while authorizing a 90-day pause in the 'Liberation Day' tariffs for most trade partners.

The exemptions are expected to benefit big tech companies like Apple, Samsung, and chip maker Nvidia. The three companies incurred heavy losses at the stock market following Trump's tariff announcement. Apple lost over $640 billion in market value, CNBC reported. The cost of an iPho...