President Donald Trump announced semiconductors and chips imported into the United States will be hit with a specific tariff and the rate will be announced within the week.

The Trump administration announced that smartphones, computers and other electronics would be exempt from the tariffs on China.

U.S. President Donald Trump on Sunday said he would be announcing the tariff rate on imported semiconductors over the next week, adding that there would be flexibility with some companies in the sector.

It was another wild week in the financial markets regarding President Trump's tariffs. Last week, the President suddenly pressed the pause button. The markets jumped, then retreated Thursday, only to bounce back Friday.

United States President Donald Trump backed down on his tariff madness and ordered last week a 90-day pause on punitive unilateral levies against dozens of countries, except for China. This somehow eased the worries of a widespread trade war plunging the global economy into a recession.