"We'll be very specific," he told reporters on Air Force One. "But we're taking in a lot of money. As a country we're taking in a lot of money."
The move came after concerns from US tech companies that the price of gadgets could skyrocket, as many of them are made in China.
Exemptions - backdated to 5 April - also include other electronic devices and components, including semiconductors, solar cells and memory cards.
"This is the dream scenario for tech investors," Dan Ives, who is the global head of technology research at Wedbush Securities, posted on X. "Smartphones, chips being excluded is a game-changer scenario when it comes to China tariffs."
Big tech firms such as Apple, Nvidia, Microsoft and the broader tech industry can breathe a huge sigh of relief this weekend, he added.
The White House indicated the exemptions were made to ensure companies had more time to move production to the US.
"President Trump has made it clear America cannot rely on China to manufacture critical technologies such as semiconductors, chips, smartphones, and laptops," White House Press Secretary Karoline Leavitt said in a statement.
"At the direction of the president, these companies are hustling to onshore their manufacturing in the United States as soon as possible."
Trump, who is spending the weekend at his Florida home, told reporters on Friday he was comfortable with the high tariffs on China.
"And I think something positive is going to come out of that," he said, touting his relationship with Chinese President Xi Jinping.
These electronic goods are still subject to the 20% tariff on China related to fentanyl, White House Deputy Chief of Staff on Policy Stephen Miller posted on X.
Some estimates suggested iPhone prices in the US could have as much as tripled if costs were passed on to consumers.
The US is a major market for iPhones, while Apple accounted for more than half of its smartphones sales last year, according to Counterpoint Research.
It says as much as 80% of Apple's iPhones intended for US sale are made in China, with the remaining 20% made in India.
Similar to Samsung, another massive smartphone manufacturer, Apple has been working to diversify its supply chains in an effort to lessen its reliance on China in recent years. Leading candidates for new industrial hubs were Vietnam and India. According to reports, Apple sought to boost and expedite its manufacturing of devices made in India in the days following the imposition of the tariffs.
Trump had intended for a number of high tariffs to go into force this week on nations all across the world. However, on Wednesday, he declared that, with the exception of China, whose duties he increased to 145%, he would impose a 90-day delay on nations affected by higher US tariffs.
Trump claimed that China's willingness to retaliate with an 84% charge on US goods was the reason for the tariff rise. Trump announced a drastic shift in strategy, stating that all nations that had not responded against US tariffs would be granted a reprieve until July and would only be subject to a 10% blanket levy. Then, the White House claimed that the action was a negotiation ploy to get better trade conditions from other nations. According to Trump, his import levies will bring industries and jobs back to the United States and rectify unfairness in the global economic system.
