Update 10:15 AM ET: Adds analyst comments 

Smartphones, computers and other electronics will be exempted from President Donald Trump's reciprocal tariffs, the U.S. Customs and Border Protection said on Friday. 

The exclusions, applicable to smartphones, laptops, computers, semiconductors, memory chips, flat panel TV displays, solar cells, hard drives, provide some relief from Trump's 125% tariffs on China and 10% baseline tariffs on nearly every other country.

The guidance should also provide some respite to smartphone manufacturers like Apple (NASDAQ:AAPL) and Samsung and chip major Taiwan Semiconductor Manufacturing (NYSE:TSM). 

Tech bull Dan Ives, who has slashed price targets for Magnificent 7 names like Apple (AAPL) and Tesla (TSLA) over Trump's tariffs, called the exclusions "the best news possible for tech investors." 

"Big Tech is back off the cliff with these exemptions and this changes the entire situation for tech stocks with this black swan event for the industry removed," said Ives. "The US tech industry has a loud voice and despite initial strong pushback against exemptions within the White House the reality of the situation was finally recognized in the Beltway.

Apple (AAPL) reportedly airlifted 600 tons of iPhones, or as many as 1.5 million, from India to the U.S., in an effort to beat the newly announced tariffs.