The U.S. products that China has quietly begun exempting from its 125 per cent counter-tariffs represent about 24 per cent—or US$40 billion—of U.S. imports last year, customs data analyzed by Bloomberg News shows. (Bloomberg News)

Talking point: The volume mirrors the impact of an exemption for smartphones and electronics that President Donald Trump granted last month, as those products made up about 22 per cent—or US$102 billion—of U.S. imports from China in 2024. (The smartphone carve-out applies to the 125 per cent “reciprocal” tariffs on China, but not the extra 20 per cent duties linked to fentanyl.) Beijing has not spoken about its U.S. exemptions publicly, but businesses reported being told some goods were exempt and asked to identify other U.S. products that would be difficult to find elsewhere. While the move is seen as a way to shelter its own economy, China’s commerce ministry said Friday it is exploring the possibility of trade talks with the U.S.