China’s government said the US decision to exempt certain consumer electronics from its so-called reciprocal tariffs is a small step toward rectifying its wrongdoings and urged Washington to do more to revoke the levies.

President Donald Trump’s administration excluded smartphones, computers and other electronics from the increased import duties on Friday, narrowing the scope of his tariffs of 125% on goods from China and a baseline 10% on imports from most other countries.

“This is a small step by the US toward correcting its wrongful action of unilateral ‘reciprocal tariffs’”, the Ministry of Commerce said in a statement posted on its official WeChat account on Sunday. The ministry went on to urge the US to “take a big stride in completely abolishing the wrongful action, and return to the correct path of resolving differences through equal dialog based on mutual respect.”

Trump’s latest exemptions cover almost $390 billion in US imports based on official US 2024 trade statistics, including more than $101 billion from China, according to data compiled by Gerard DiPippo, associate director of the Rand China Research Center.

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Trump on Saturday declined to elaborate on the exemptions beyond the published memoranda but hinted at further developments on Monday.

“I’ll give you that answer on Monday. We’ll be very specific on Monday,” he told reporters on Air Force One. “We’re taking in a lot of money; as a country we’re taking in a lot of money.”

The White House also released a corresponding memo indicating that the exemptions also extend to changes in small-parcel shipping duties. Trump had moved to end the so-called “de minimis” exemption, beginning with China, that generally means parcels worth $800 or below don’t face duties.

The tariff reprieve may prove fleeting. The exclusions stem from the initial order, which prevented extra tariffs on certain sectors from stacking cumulatively on top of the country-wide rates. The exclusion is a sign that the products may soon be subject to a different tariff, albeit almost surely a lower one for China.

The products that won’t be subject to Trump’s new tariffs include machines used to make semiconductors. That would be important for Taiwan Semiconductor Manufacturing Co., which has announced a major new investment in the US, as well as other chipmakers.

“All products that are properly classified in these listed provisions will be excluded from the reciprocal tariffs,” the notice said.

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. 

Read More: Trump Floats Possible Exceptions to 10% Baseline Tariff

The tariff reprieve does not extend to a separate Trump levy on China — a 20% duty applied to pressure Beijing to crack down on fentanyl, including the shipment of precursor materials. Other previously existing levies, including those that predate Trump’s current term, also appear unaffected.

This story was originally featured on Fortune.com

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• Liberty Media’s Formula 1 is looking to sell a U.S. TV package for $150 million to $180 million per year, according to the Wall Street Journal. That’s nearly double what ESPN is estimated to pay now to broadcast the sport.

Liberty Media’s Formula 1 is looking to sell a U.S. media rights package for $150 million to $180 million per year, according to a Wall Street Journal report. 

That’s not an official asking price, but it would be up to double what the current rights deal is reportedly worth, sources told the Journal. The new contract is slated to begin with the 2026 season. 

Liberty did not respond to a request for comment.

Since 2018, Formula 1 has been airing in the U.S. on ESPN, which originally obtained the broadcast rights for free after NBC decided to forgo a renewal of its $4 million deal. 

After Liberty Media acquired Formula 1 in 2017, it prioritized expanding it the U.S. The sport has added American destinations to its circuit in Miami, Las Vegas, and Austin, Texas, while Netflix’s docuseries Drive to Survive was also a hit among U.S. audiences. 

That helped boost F1’s U.S. viewership, which more than doubled from about 550,000 in 2018 to 1.2 million in 2022, when ESPN inked a three-year extension for a price that’s been estimated at $75 million-$90 million a year. 

ESPN’s rights to broadcast F1 expire at the end of the 2025 season, and the company owned by Disney declined to negotiate further during its exclusive window, according to the Journal. 

Additionally, Puck News reported that Disney will not pursue a new deal once its current one runs out. But F1 CEO Stefano Domeniciali said during a February earnings call that although the exclusive negotiation period had passed, discussions were ongoing.

“The fact that at the end of the exclusivity period they have not put in place on a formal offer doesn’t mean that the discussions aren’t going ahead,” Domenicali said. “Actually, it’s the other way around. So there are still a lot of discussion to try to find the best solution.”

ESPN declined to comment to Fortune on its negotiations with F1.

F1’s U.S. media rights package is estimated to be worth more than $100 million per year, but not the $180 million Liberty Media reportedly seeks, according to Ampere Analysis, a research firm.

That’s as viewership has dipped slightly from 1.2 million in 2022 to 1.1 million in 2024, according to Nielsen data cited by the Journal.

For comparison, that figure is 26% less than an average baseball game on ESPN’s coverage of Sunday Night Baseball. ESPN is reportedly paying $550 million per season for Major League Baseball rights, though that arrangement is ending at the end of 2025.

Other major leagues across the U.S. have signed bombshell TV deals. Notably, last year, the National Basketball Association signed a $2.6 billion-a-year deal with Disney. And in 2021, the National Football League closed a deal with CBS, Disney, Fox, NBC, and Amazon worth more than $11 billion a year. 

Although F1 garners international attention, race times for U.S. viewers are not optimal, with many starting around midnight into early Sunday mornings.

Liberty Media CEO Derek Chang said he’s looking to increase fan exposure along with finding the most lucrative deal, but he acknowledges the shifting media landscape. 

“The whole media world is a very fluid situation,” Chang told the Journal.

This story was originally featured on Fortune.com

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