Trump backs off on electronics tariffs (updated)

Reacting to continuing stock market woes and perhaps tech industry lobbying, U.S. President Donald Trump backed off on tariffs for electronics late last night.

In a document from the U.S. Customs and Border Protection issued on Friday, the U.S. has now exempted these consumer electronics, much of which are manufactured in China and subjected to 145% tariffs as well as a 10 percent global tariff. Semiconductors, which are used in just about everything as chips are the foundation of all electronic devices — will also be exempt.