Tech Stocks Surge as White House Announces Tariff Exemptions

Wall Street indexes are set to rise as U.S. tech stocks increase following the White House's decision to exempt smartphones and computers from new tariffs on China. This move alleviates some consumer cost pressures but further semiconductor tariffs loom. The exemptions were a response to consumer and market reaction.

In a significant market move, Wall Street's primary indexes were poised for a robust opening on Monday. The surge was driven by a spike in technology stocks after the White House announced exemptions for smartphones and computers from the impending tariffs on China.

Despite the relief for tech products, President Trump stated that new tariff rates specifically targeting imported semiconductors would be revealed soon. This exemption eases consumer goods costs, particularly for Apple's products, potentially averting them from becoming too expensive.

These moves come amidst a backdrop of fluctuating trade tensions between the U.S. and China, causing volatile market swings. The recent tariff policy adjustments have stirred global markets, impacting economic growth forecasts and inflation expectations.

(With inputs from agencies.)