Smartphones, computers, flash drives, semiconductors and solar cells will be exempt from the Trump administration’s wide-ranging tariffs on China and other nations, according to guidance from U.S Customs and Border Protection released late Friday night.

The policy is a boon to U.S. tech companies such as Apple, which produces most of iPhones in China.

Tech companies, and the net worth of their billionaire CEOs, were among those hardest hit when markets tanked on the tariff announcement. But, now Trump appears to be offering a helping hand by exempting some products from the 125 percent tariff he left on China.

A handful of tech stocks such as Apple, Microsoft, Nvidia, Netflix, Amazon, Meta and Google parent Alphabet make up over a quarter of the value of the S&P 500 at any given time — and all of these companies would face major financial challenges if global electronics supplies were hit with sustained tariffs.

The Friday announcement is the latest sudden adjustment in a tariff policy that’s changed every few days, after Trump announced on Wednesday a 90-day pause on a series of “reciprocal” tariffs on U.S. trading partners that rattled financial markets, while increasing tariffs on China to an effective rate of 145 percent and maintaining a baseline 10 percent tariffs on all countries that hadn’t retaliated against the U.S.

Despite attempting to soften the financial blow of the tariff agenda, some fear the policies have set the U.S. on a course for a recession.

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