President Donald Trump’s latest tariff exemptions on consumer electronics and semiconductors could reduce the negative impact on China’s economy by 0.4 percentage points, if it were to last, according to Citigroup Inc.

President Donald Trump on Thursday said he would return to the higher tariff rates announced last week if he can't reach a deal with trading partners during the 90-day pause he announced on Wednesday.

Before the latest exemption, the iPhone maker had a plan: adjust its supply chain to make more U.S.-bound iPhones in India, which would have been subject to far lower levies.

So far, the company has dodged major fallout thanks to a concession from Donald Trump’s administration that exempts electronics from new tariffs. The decision was seen as a major victory for Apple, which had been preparing to shift production for the U.