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

Donald Trump’s decision to exempt phones, laptops and other electronics from his global tariffs comes after analysts said even the lower levy of 54 per cent on Chinese goods could have seen the price of an iPhone soar from $1,599 to $2,300.

At a higher rate of 125 imposed by Mr Trump this week, economists and analysts warned that US-China trade could have largely halted altogether.

Smartphones were the top US import from China in 2024, totalling $41.7bn, while Chinese-built laptops were second, at $33.1bn, according to US Census Bureau data.

Apple recently chartered cargo flights to ferry 600 tonnes of iPhones, or as many as 1.5 million, to the US from India, after it stepped up production there in an effort to beat Mr Trump’s tariffs, Reuters reported on Friday.

White House spokesperson Karoline Leavitt said in a statement that Donald Trump has made clear the US cannot rely on China to manufacture critical technologies such as semiconductors, chips, smartphones and laptops.

But she claimed that, at Mr Trump’s direction, major tech firms – including Apple and chipmakers Nvidia and Taiwan Semiconductor – “are hustling to onshore their manufacturing in the United States as soon as possible”.

Donald Trump’s exemption on smartphones and other electronics from his global tariffs is “the most bullish news we could have heard this weekend”, an analyst at the financial services firm Wedbush Securities has said.

“There is still clear uncertainty and volatility ahead with these China negotiations,” Dan Ives said in an industry note, reported by Reuters.

“Big Tech firms like Apple, Nvidia, Microsoft and the broader tech industry can breathe a huge sigh of relief this weekend into Monday.”

Asked on Saturday about his reasoning for the exemptions on smartphones, computers and semiconductors, Donald Trump told reporters on Air Force One: “I’ll give you that answer on Monday.

“We’ll be very specific on Monday … we’re taking in a lot of money, as a country, we’re taking in a lot of money.”

Chinese president Xi Jinping has vowed to deepen his country’s strategic partnership with Indonesia in a call with his counterpart Prabowo Subianto, Beijing’s state-run news agency Xinhua reported.

Mr Xi told Mr Prabowo that their bilateral partnership had strategic significance and impact globally, as the two exchanged congratulations over the 75th anniversary of diplomatic ties, Xinhua said.

Beijing is trying to persuade other nations to hew to a common line against US import tariffs announced by Donald Trump last Wednesday. Following a tit-for-tat escalation, Mr Trump has now increased has levy on China to 145 per cent – but has relented to exclude smartphones, laptops and computer chips.

Mr Xi will visit Indonesia’s fellow Southeast Asian nations Vietnam, Malaysia and Cambodia from Monday, aiming to consolidate ties with some of China’s closest neighbours as trade tensions escalate with the US.

Tesla has reportedly suspended taking new orders for Model S and Model X vehicles on its Chinese website as the world’s two largest economies exchange blows in a trade war.

Both models are made in the US and imported to China. New orders for the two models were also no longer available on the automaker’s WeChat mini-programme account in China, Reuters reported.

While the company did not give a reason for the move, it comes as China and US have been locked in an escalating trade war.

China on Friday raised its tariffs on US imports to 125 per cent after president Donald Trump’s decision to hike duties on Chinese goods to 145 per cent.

Higher US tariffs significantly increases the retail cost for Chinese consumers, making these cars more expensive than locally produced EVs.

The Texas-based company is least affected by Mr Trump’s tariffs among automakers due to its largely domestic manufacturing for sales in the US.

Japan will not use US Treasury holdings as a negotiation tool to counter US tariffs in talks scheduled between the two allies.

Both nations will negotiate tariffs on 17 April, days after the White House said it was prioritising Japan for trade talks.“As an ally, we would not intentionally take action against US government bonds, and causing market disruption is certainly not a good idea,” Liberal Democratic Party policy chief Itsunori Onodera told public broadcaster NHK today.

Mr Onodera stressed that Japanese carmakers would be among the biggest impacted by the 25 per cent blanket tariffs on automobiles.

“It’s important to stick to our guns” on this issue, he said, adding that the Japanese side should “strongly advocate” for the measures’ removal.

“It’s clear that the US is in trouble, so I think the conversation should start with us saying, ‘maybe it would be better to stop?’” he added.

Saturday Night Live once again skewered President Donald Trump over his tariffs policy, following on from last week’s “Liberation Day” cold open.

James Austin Johnson returned to Studio 8H at 30 Rockefeller Plaza as the president in an Easter-themed sketch that began with Jesus, played by Mikey Day, casting the moneylenders out of the temple on his arrival in Jerusalem.

The Biblical tableau froze as SNL’s Trump appeared.

“Remind you of anyone?” he said to laughter. “I also got rid of money last week, but instead of one temple, I did a whole country. Maybe even the globe. The money’s gone.”

Oliver O’Connell reports.