President Trump retreated a bit in his trade war with China on Friday, exempting smartphones, computers and other electronics from the hefty tariffs. The move is a relief for companies like Apple and consumers who are concerned about how tariffs could affect prices.

New York

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

Global Tariffs

President Trump has announced a decision to exempt smartphones, computers, and other electronics from many tariffs amid his ongoing trade conflict with China. This move offers relief to companies like Apple, which manufactures most of its products overseas, particularly in China and India. Consumers, who had previously been concerned about potential price increases, had increased device purchases, resulting in a 33% spike in sales over the course of a day.

The Trump administration's exemption from tariffs marks the second reversal in trade policy within the week. The administration also declared a 90-day pause on broad tariffs affecting U.S. trading partners, excluding a 145% tariff on goods imported from China. As a result of these shifts, financial markets have experienced volatility throughout the week.

The negotiations between the U.S. and China remain at a standstill, with China responding to the U.S. tariff plans with a 125% tariff on American goods. Despite the current situation, President Trump maintains that progress is being made, while no new trade agreements have been initiated with the U.S.'s largest trading partners—Canada, Mexico, and China—who continue to implement retaliatory tariffs.



Trump exempts smartphones, computers from most tariffs

President Trump is spending the weekend in Florida as his administration takes a second step back this week amid his ongoing trade war with China and U.S. trading partners. Last night, the Trump administration announced exemptions for smartphones, computers, and other consumer electronics from most of his tariffs. President Trump hinted at the move yesterday on Air Force One. There could be a couple of exceptions for obvious reasons. The move is a boost to corporate giants like Apple, whose iPhone is primarily made overseas in China and India. Consumers fearing a price hike had rushed to buy devices, sending sales up 33% one day last week. Democratic Senator Chris Murphy called the tariffs a regime to reward big businesses like Apple. It's the second about-face this week. The president announced plans to pause wide-ranging tariffs on U.S. trading partners for 90 days, with the exception of a 145% tariff on imported goods from China. The move's rattling markets throughout the week. This stalemate between the trading superpowers prompted China to mock Trump's tariff plan as a joke. It slapped a 125% tariff on U.S. goods late this week. I think we're in a very good position. We're doing well. We have a lot of things happening. So far, none of America's three biggest trading partners, Canada, Mexico, and China, are negotiating new trade deals with the president, instead imposing retaliatory tariffs of their own.

Officials in the U.S. state of Texas say at least 13 people have died in overnight flash floods after torrential rains triggered an overflow of the Guadalupe River. Nearly 20 children attending a summer camp in the south-central area are missing.

Kerr County

Deadly Texas floods: Search efforts underway for missing children

Türkiye has been battling wildfires for more than a week, with its western province of Izmir among the hardest hit. Thousands have been forced to flee as flames threaten homes and villages.

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Turkiye wildfires: At least two dead as fires burn for eighth day

It was not clear if Hamas’ statement meant it had accepted the proposal from US President Donald Trump for a 60-day ceasefire.

Jerusalem

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President Trump brought pomp and circumstance to his signing of the "big, beautiful bill" on Friday, with an Independence Day ceremony at the White House that included a B-2 bomber flyover.

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Heavy rainfall in central Texas caused the Guadalupe River to overflow and unleash a torrent of water. The bodies of at least 13 children and adults have been recovered and more than 20 girls are missing from a sleepaway camp.

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The talk comes a day after President Donald Trump and Russian President Vladimir Putin discussed Ukraine, Iran and other issues in a call the Kremlin described as "frank and constructive."

Kyiv

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Russia pummeled Kyiv with the largest drone attack of the war, injuring at least 23 people and damaging buildings across the capital only hours after U.S. President Donald Trump spoke with Russia's Vladimir Putin, officials said.

Russia hits Kyiv with largest drone attack after Trump-Putin call

U.S. President Donald Trump marked the passage of the new spending bill, which includes changes to food assistance, student loan programs, and clean energy credits. Robert Costa joins "CBS Mornings" to break down what's in the legislation.

Trump set to sign "big, beautiful bill"

More than 80 Palestinians were killed in Gaza on Thursday (July 3), according to health officials, as Israel intensified its strikes, hitting a school-turned-displacement facility. CNN’s Paula Hancocks looks at the damage and humanitarian toll.

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Ukrainian President Volodymyr Zelenskyy said Kyiv will do "anything" to advance EU accession talks. Zelenskyy spoke alongside Danish Prime Minister Mette Frederiksen, President of the European Council António Costa and President of the European Commission Ursula von der Leyen.

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President Donald Trump said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on imports to the United States, a clear shift from earlier pledges to strike scores of individual deals.

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Indonesian rescuers on Thursday (July 3) temporarily halted a search for 30 people still missing after a ferry carrying 65 people sank near the island of Bali with the loss of six lives, the national search and rescue agency said.

Gilimanuk

Indonesia suspends search for 30 missing after ferry sinks near Bali

After marathon debate sessions in the Senate and House, President Donald Trump’s budget bill passed in the House. Republicans secured the biggest win of Trump’s presidency.

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Florida says the first group of migrant detainees have arrived at the new immigration detention center known as "Alligator Alcatraz." CBS News correspondent Shanelle Kaul has more.

Ochopee

First group of detainees arrive at "Alligator Alcatraz," Florida says

U.S. President Donald Trump said Thursday (July 3) that he spoke with Russian President Vladimir Putin and that he plans to hold a call with Ukrainian President Volodymyr Zelenskyy. CBS News White House reporter Willie James Inman has more.

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CNN’s Priscilla Alvarez reports on a lawsuit from lawyers for Kilmar Abrego Garcia alleging he suffered “torture and mistreatment” after he was wrongfully deported and held in El Salvador’s notorious mega prison.

Tecoluca

Kilmar Abrego Garcia claims he was tortured in El Salvadoran prison

The Kremlin welcomed the development, with spokesman Dmitry Peskov claiming it proves Western arsenals are being depleted and predicting that less aid will hasten the end of the conflict.

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Two contractors employed by UG Solutions spoke to the AP on condition of anonymity as they were revealing their employers’ internal operations.

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Democratic leader Hakeem Jeffries spoke for hours on the House floor about potential impacts of President Trump's "big, beautiful bill" that Republicans are looking to pass before July 4. Following debate, the House is set for a final vote on the massive budget bill.

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CBS News political contributor Caroline Polisi joins "CBS Mornings" to break down the jury's verdict in Sean "Diddy" Combs' federal trial and the judge's decision to deny bail for the music mogul ahead of his sentencing.

Manhattan

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Liverpool soccer player Diogo Jota has died aged 28, just weeks after marrying his childhood sweetheart. The footballer passed away in a car crash in northern Spain.

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The Pentagon said that U.S. strikes 10 days ago had degraded Iran's nuclear program by up to two years, suggesting the U.S. military operation likely achieved its goals despite a far more cautious initial assessment that leaked to the public.

Tehran

Iran Strikes

Iran nuclear program degraded by up to two years: Pentagon

Days before his 90th birthday, the Dalai Lama announced the Gaden Phodrang Trust, a non-profit he founded, will have the sole authority to recognize his future reincarnation, but China insists it will choose the successor of the Tibetan spiritual leader.

Lhasa

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The U.S. Congress inched towards approving President Donald Trump’s Big Beautiful Bill, despite attempts by Democrats to stop it. The bill is Trump’s signature legislation which includes massive spending increases on the military and immigration enforcement while slashing social programs.

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Sean (Diddy) Combs was found guilty on prostitution-related charges, but was acquitted on more serious charges of racketeering and sex trafficking giving him a maximum sentence of 20 years. But the courtroom victory was subdued following a judge’s ruling to deny him bail.

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President Trump says Israel has agreed to a 60-day ceasefire in Gaza, but it remains unclear if Hamas will accept the terms. CBS News senior foreign correspondent Debora Patta has more.

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Bryan Kohberger changed his plea to guilty Wednesday for the 2022 murders of four University of Idaho students. CBS News national correspondent Carter Evans has more on the case.

Boise

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The Wisconsin Supreme Court struck down a state abortion law that was adopted in 1849 in a 4-3 landmark decision. CBS News' Shanelle Kaul reports.

Madison

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Macron and Putin held regular discussions around the start of Russia's invasion of Ukraine, with Macron visiting Putin in Russia in February 2022, but dialogue eventually stalled.

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President Trump toured “Alligator Alcatraz,” a migrant detention center he teamed up with Ron DeSantis to build in the Everglades.

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