Smartphones, laptops and equipment for chipmaking are among items exempt from China tariffs under new guidance from the government.

President Donald Trump’s administration exempted smartphones, computers and other electronics from its so-called reciprocal tariffs, representing a major reprieve for global technology manufacturers including Apple Inc.

Products including smartphones and computers appeared to be getting a reprieve from at least some of the levies on China, which had been expected to take a big toll on tech companies like Apple.

Morgan Stanley sees room for Apple to expand India production and kill of lower-end storage configurations that are less profitable.

Apple Inc. assembled $22 billion worth of iPhones in India in the 12 months ended March, increasing production by nearly 60% over the previous year in a sign of continued diversification away from China.