Smartphones and laptops are among items exempt from recent China tariffs, but Commerce Secretary Howard Lutnick says more focused tariffs are on their way.

The move appeared to exclude the products from the 10% global baseline tariff on other countries, including Samsung Electronics Co.’s home of South Korea.

The Trump administration’s threat of massive new tariffs has sent Apple Inc.’s share price plummeting, but it also brought a short-term benefit: customers rushing to retail stores to buy iPhones.