Trump carves out massive exemptions from reciprocal tariffs, including smartphones, chips and computers

• In a notice published late Friday night, US Customs and Border Protection issued new guidance on President Donald Trump's so-called reciprocal tariffs, listing several exemptions like smartphones, computers, chips and other electronics. That carves out a massive hole from his virtually prohibitive 145% tariff on China and comes after Beijing hiked its own duties on US imports but said no further retaliation would come.

President Donald Trump threw the global economy for...