The US' decision to exempt smartphones, laptops and other electronic products — the largest category of Chinese exports — from import tariffs represents a significant retreat in the ongoing trade war, according to a recent BBC article titled "Trump's iPhone olive branch is a significant trade war retreat".

The article notes that the top Chinese export to America by value last year was spared from new import taxes, along with a range of other electronic devices and components, including semiconductors, solar cells and memory cards.

Without this exemption, typical iPhone prices could have surged toward $2,000 (￡1,528), the article suggests. An alternative for Apple might have been to distribute the cost globally, but would consumers around the world be willing to pay what amounts to a Trump tariff tax?

The piece further points out that the Trump administration is clearly rattled by the bond market's reaction to its trade policies, and growing concerns about the continued status of US debt as a safe haven for investors.

The article concludes that this move is more than just a simple reversal — some have dubbed it the "Art of the Repeal". As the US negotiates with the bond markets, and itself, the rest of the world will be watching closely how it unfolds.